A broad-based crypto advance pushed Bitcoin above $86,000 and lifted a wide range of altcoins by double digits on September 21, while a technical breakout in the Ether-to-Bitcoin ratio added a new layer to the debate over whether a sustained rotation into alternative cryptocurrencies is finally underway.

Bitcoin traded near $86,000, up about 6%, while Ethereum climbed to roughly $2,760. The CoinMarketCap 20 Index moved by a similar magnitude, signaling that the rally extended well beyond the two largest digital assets. Lower down the market cap ladder, the gains were considerably larger: every token in a 13-asset gainers list rose at least 11%, with PEPE leading at 27%.

The advance coincided with improving conditions across broader risk…