As of September 20, 70% of altcoins on Binance have exceeded their 200-day average. However, the altcoin index indicates a weakening of their strength, having dropped to 41, which is 34 points below the historical level confirming an altcoin season.
Nevertheless, the total market capitalization of altcoins has returned to $800 billion, marking the first time in over 8 months, increasing by 3.7% in September. CryptoQuant analyst Darkfost noted that this figure, excluding Bitcoin (BTC) and Ethereum (ETH), shows a recovery of altcoins after a prolonged decline when they were 65% to 85% below their 200-day average. The metric exceeded the May peak on a strong daily close, and 70% of altcoins above the 200-day average were last observed in October 2025. In recent months, Bitcoin has been trading in the range of $75,600 – $82,000. Meanwhile, the altcoin index signals that less than half of the 50 most popular altcoins have outperformed BTC over the past 90 days, as the index peaked at 67 in August.
Bitcoin is also showing dominance at 59.34%, having increased by 0.5% over three days. Ash Crypto points to a recovery in the ETH/BTC ratio to 0.03238, which may signal a potential trend change, although this increase has not yet been confirmed. He also noted the chart without the top 10 assets: the last time the altcoin market emerged from a major monthly downtrend, it entered a parabolic rise over 9 months. Darkfost cautioned against premature optimism, stating, "But be careful, such developments can change quickly, and caution is still warranted." It is important to consider that while altcoins are showing recovery against the dollar, broad strength against Bitcoin is not yet observed.
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