Synnax Mid-Cap AltCoin Index tracks cumulative market cap of about 1000 native crypto tokens (no stables, LPs, LSTs, wrapped, RWA, etc.) with capitalization above $50M and below the top-10.
Over the week of March 01–08, the index fell –1.75%. The week saw a classic volatility cycle: early weakness, a strong midweek rally led by $BTC and $ETH (both +8% around Mar 5), and a late fade that erased most gains. Notably, the mid-cap index only peaked near +2%, indicating that capital concentrated in large-cap crypto rather than rotating into higher-beta altcoins.
This behavior broadly matches the macro backdrop. Middle East tensions and rising oil prices drove some risk-off positioning, while equities (S&P 500, NASDAQ, Dow) drifted slightly lower late in the week. The crypto bounce appears to have been liquidity-driven and short-lived, with the lack of follow-through in mid-caps suggesting narrow participation rather than a broad risk-on move.
# Index Composition Delta
* **Inclusions:** Sahara AI $SAHARA, $PYTHIA, $ORBS, bitcastle $BCE, Espresso $ESP
* **Exclusions:** Merlin Chain $MERL, RedStone $RED, Omni Network $OMNI, $SPARK, $WAVES, Constellation $DAG, Yooldo Games $ESPORTS, GoPlus Security $GPS, $WHITEWHALE, Moonbirds $BIRB, $ZAMA
A few changes stand out. $WAVES, one of the earlier L1 ecosystems leaves the index, underscoring how far its market relevance has faded relative to newer projects. $ZAMA–which has drawn attention for its work on fully homomorphic encryption and privacy infrastructure–its removal highlights how quickly newer, narrative-driven tokens can fall out of the mid-cap range when valuations compress. On the inclusion side, Sahara AI ($SAHARA) and Espresso ($ESP) stand out as entrants tied to current market narratives (AI and rollup/sequencing infrastructure), suggesting continued appetite for emerging crypto infrastructure themes.
Check the index live: [https://synnax.app/crypto/mid-cap-index](https://synnax.app/crypto/mid-cap-index)
Methodology: [https://docs.synnax.ai/synnax/synnax-crypto/mid-cap-altcoin-crypto-index](https://docs.synnax.ai/synnax/synnax-crypto/mid-cap-altcoin-crypto-index)
All data is sourced from CoinGecko ([https://www.coingecko.com/](https://www.coingecko.com/))
