Small and mid-cap crypto outpaces Bitcoin since late August, CryptoQuant analyst says

CryptoQuant's Darkfost flags a 41% jump in a key market cap ratio for smaller tokens, versus 7% for Bitcoin and 3.5% for large caps For most of this cycle, Bitcoin has been the lead singer and everything else has been the backup band. According to CryptoQuant analyst Darkfost, the backup band has quietly been getting louder since late August. In findings shared on October 18, 2026, Darkfost reported that small- and mid-cap crypto assets have grown their market capitalization faster than Bitcoin over that stretch. He also said they outran the large-cap names that usually trail just behind it. He called the pattern “fairly unusual.” The metric Darkfost tracked compares each segment’s monthly average market cap against its annual average.

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