Altcoins are NOT leading this recent bounce.

If (and this is a big if) this is a tradable low for the Cryptocurrency space, this is a critical time and place for us to see new leadership emerge. So far, it's certainly not coming from down the cap scale.

We shared this chart in one of last week's notes, mentioning that:

Throughout Bitcoin’s rebound in the previous few days, the leadership has not been in the Altcoins.

Apart from a few exceptions, most Altcoins have been flat since Bitcoin’s recovered from its crash lows.

Nearly a week since and the same still holds true:

Though consolidation periods can be painful, they allow us to evaluate the next leaders and laggards when a directional trend resumes.

We've written a fair amount about potential leaders in the last few weeks, but it may be time to increasingly shift the conversation and focus more on the laggards.

While most areas have bounced this week, the DeFi sector is stubbornly lagging: