Something unusual happened in crypto this month. The Altcoin Season Index, the gauge traders use to tell whether altcoins are beating Bitcoin, hit its highest level in a full year. A month ago it sat at 39. Last week it reached 66.
But it wasn't a broad rally. Most of the market actually went down that week. Twenty of the 26 major crypto categories finished in the red. So what pushed the gauge to a one-year high? Smaller coins.
That's exactly the pattern I've been watching for. It also means picking matters more than ever. When most categories are falling, owning "crypto" isn't enough. You have to own the right small coins.
