The S&P 500 hits a new all-time high again. Will this time drive sector rotation in the crypto market? There is a saying in the market that during industry cycle shifts, long-dormant small coins tend to rebound first—some even shout slogans: "Bitcoin, step aside, I want my blockchain ecosystem back."

Historically, when mainstream assets reach new highs, risk appetite often flows downstream. This means that those neglected tokens may have a chance to turn around. Many investors are betting that this rotation will start with altcoins and then move to mainstream coins.