The story of the last 30 days has been mid-cap altcoin outperformance. Several names ranked 20-50 by market cap have outperformed BTC by 15-40 percentage points.
What’s working
L1 alternatives with real on-chain activity (SOL at $86.71, AVAX, SUI) and L2 governance tokens with concentrated catalysts.
What’s not
Mostly "blue-chip alts from 2021" with no current narrative — they remain underowned but also un-bid.
How to think about it
Mid-cap alts are the highest-beta, highest-information liquid bucket in crypto. They tell you what risk appetite looks like in real-time. When they roll over, BTC usually follows.