The Altcoin Cycle Signal indicator from Glassnode has shifted from 'Bitcoin season' to a state analysts refer to as 'altseason.' This metric considers the dynamics of the 250 largest altcoins by market capitalization, excluding stablecoins, and shows which part of this segment demonstrates stronger movement relative to BTC. The latest value of the indicator reached 75. Glassnode linked the change to the expansion of the current market movement: during the initial rise in August, altcoins mostly maintained relatively stable dynamics while Bitcoin continued to grow, whereas the current wave has affected significantly more digital assets. The signal appeared simultaneously with an increase in the total market capitalization of the crypto market: on September 22, the figure briefly exceeded $3 trillion, then settled around $2.92 trillion, gaining more than 4.8% in a day.
The dynamics of individual major altcoins also reflect the expansion of activity beyond Bitcoin. In the last 24 hours, Dogecoin increased by approximately 5.3%, and its weekly growth was 19.1%. Over the same seven-day period, Zcash added about 35%, Hyperliquid – 20.8%, and Solana – 16.1%. Ethereum grew by 0.7% in a day and 10.9% over the week. Bitcoin itself rose above $87,000 during the market movement, reaching its highest level since January. Glassnode simultaneously noted an increase in spot demand and trading volumes, as well as a significant volume of short position liquidations. These data indicate a shift in activity distribution among various market segments, although the dynamics of individual coins remain uneven.
Meanwhile, other indicators do not yet provide such a clear signal. As of September 22, the Altcoin Season Index from BlockchainCenter stood at 49 points, whereas the methodology of this index requires 75 to confirm an altseason. The calculation is based on comparing the performance of the 50 largest altcoins with Bitcoin over the previous 90 days: the indicator reflects which portion of coins managed to outperform BTC during this period. Thus, Glassnode and BlockchainCenter use different methodologies and assess various aspects of market dynamics. The transition of one indicator to the corresponding mode shows the expansion of the current movement but does not mean that all major altcoins simultaneously demonstrate stronger dynamics relative to Bitcoin. The time horizon, the composition of tracked assets, and the chosen method of indicator calculation are also important for assessing the situation.