Power ranking the dragons of A Song of Ice and Fire
2. Caraxes
Vhagar died fighting Caraxes the Blood Wyrm above the God’s Eye. In my opinion, this was a battle between the two most powerful dragons alive during the Dance of the Dragons, the first ridden by Prince Aemond Targaryen and Prince Daemon Targaryen. Between dragons and men, only Daemon may have survived, and we can only say that because his body was never found; it may have just been lost.
Caraxes was the smaller dragon, but seems to have had the upper hand against Vhagar, just not decisively enough to kill her and live. Both dragons ultimately fell to their deaths, already fatally wounded before they hit the ground. Caraxes is a dragon who might, much like Sheepstealer, have had a great future ahead of him. Had Caraxes lived, he would have been the most powerful dragon alive by far and could easily have lived for many decades or even a century or two. He could have been the dragon to prevent the Storming of the Dragonpit, yet he also might have been the one to keep mad Targaryens on the throne.
But that story was not to be. And there’s at least one dragon who wouldn’t have had any trouble with Caraxes: