Crypto appears to be significantly lagging behind traditional equities right now. While stock markets have rallied strongly, digital assets are trading roughly 30-40% below where they should be relative to the broader market momentum. This creates an intriguing setup—a potential catch-up trade waiting to materialize.

What's particularly interesting is the shifting dynamics in terms of relative strength. Privacy-focused assets like Monero (XMR) are emerging as the leading performers, breaking out ahead of the broader market. This suggests a tactical rotation toward certain segments within crypto, where investors are identifying value in specific use cases and technological differentiation.