Bitcoin is crypto’s benchmark
Every alt position is implicitly a bet that you’ll end with more Bitcoin than you started. Dollar P/L hides that; this tool makes it explicit by pricing entry and exit in sats. Size those alt bets with the position size calculator.
Measuring returns in bitcoin instead of dollars
Every altcoin trade has two scoreboards: the dollar PnL and the BTC-denominated one. An alt that gained 30% while BTC gained 50% lost you 13% in BTC terms — you'd hold more bitcoin today having never made the trade. For anyone whose base position is BTC, that second scoreboard is the real one.
The calculation: (1 + alt return) ÷ (1 + BTC return) − 1. It reframes most bull-market altcoin activity uncomfortably: in strong BTC uptrends, the majority of alts underperform BTC even while pumping in dollars — the casino's lights are dollar-denominated.
When each denominator is right: measure in dollars if you cash out to spend; measure in BTC if your strategy is accumulating bitcoin and alts are a means to that end. Mixing them — taking dollar-denominated credit in bull markets and BTC-denominated credit in bear markets — is how every portfolio becomes a success story in its own retelling.