Besides the recent $ETH outperformance against $BTC, we can see on the TOTAL3/BTC chart that most alts are still struggling heavily against BTC and have barely bounced.
It really is a game of rotations and quick narratives this cycle. There's simply too many coins for a market wide outperformance against BTC for a prolonged duration.
This is why I think a portfolio should always have a base allocation into BTC and when necessary, you can hop onto momentum and high conviction plays with some of your BTC stack.