Time-series momentum and cross-sectional momentum are both real effects but they're different things and most people use the terms interchangeably.
Time-series momentum asks whether an asset that has gone up recently tends to continue going up. The answer in most asset classes including crypto is yes, over the medium term, with meaningful reversals at short and long horizons.
Cross-sectional momentum asks whether an asset that has outperformed its peers recently tends to continue outperforming them. This is a different question and generates different signals. In a market where everything is going up, time-series momentum might be positive for every asset while cross-sectional momentum is only positive for the relative outperformers.
Conflating the two leads to badly constructed portfolios. If you're running a momentum strategy and the market turns down, time-series momentum turns negative for most assets simultaneously. A cross-sectional approach can still be long the relative winners even in a declining market because it's agnostic to the direction of the index.
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