Small- and mid-cap crypto tokens hit new highs while Bitcoin and Ethereum lag behind their peaks.

Several small- and mid-cap cryptocurrencies reached new all-time highs recently, signaling selective risk appetite in the crypto market. Meanwhile, major coins like Bitcoin and Ethereum remain significantly below their previous peak prices, indicating a fragmented market with cautious broader sentiment. This suggests capital is rotating into smaller, more speculative tokens rather than large-cap leaders, highlighting ongoing market normalization rather than a broad recovery. Investors should watch for sustained moves in large caps and fewer new lows to confirm a wider market rebound.