While $BTC made new highs, we can see how the $TOTAL Altcoin Market Cap is still nowhere close.

Even though it has bounced and taken back some previous losses, it's still 30%+ away from reaching those all time highs (which are still from 2021).

The key horizontal level on the chart is what needs to be broken for alts to play some catch up with BTC. But overall, the BTC trend is just much stronger as it has been all cycle.