The cryptocurrency market sees a rise in investment, with altcoins gaining momentum against Bitcoin. Glassnode’s Altcoin Cycle Signal, which tracks the performance of the top 250 altcoins excluding stablecoins, saw an increase. Its latest dashboard reading stands at 75, indicating that market conditions have moved toward an altcoin-favouring phase.
However, the signal alone does not confirm a sustained altcoin season. Glassnode’s September 15 Market Compass report said the Altcoin Season Index had returned to 75 during the broad rally in late August. The firm also noted that the rally subsequently faded, warning that simultaneous gains across assets can occur during riskier market phases.
Another widely followed measure presents a more cautious picture. BlockchainCenter’s Altcoin Season Index stood at 53 on September 22, well below the 75 threshold used to define an altcoin season. The index measures how many of the top 50 cryptocurrencies have outperformed Bitcoin over the previous 90 days.
This divergence is important. Altcoins can rise in dollar terms without outperforming Bitcoin. Glassnode highlighted the same dynamic in its September research, noting that altcoin market capitalisation had increased. Reportedly, altcoins had not yet taken meaningful market share from Bitcoin.
Bitcoin’s performance will remain crucial for any broader rotation. Glassnode’s recent market analysis showed Bitcoin consolidating after a period of gains, while capital flows and derivatives activity continued to influence market direction.
For a more established altcoin rotation, market participants will likely watch Bitcoin dominance, relative altcoin performance and trading breadth. A sustained improvement across these indicators would provide stronger evidence of a broad-based shift.
Looking ahead, the market appears to be in a transition phase. Whether that develops into a sustained 2026 altcoin season will depend on whether altcoins can continue outperforming Bitcoin over a longer period.
Also Read: Coinbase vs Kraken: Fees, Features, Crypto Trading Options Compared
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