Altcoin Season Arrives as Bitcoin's Dominance Falls Below 60%
According to on-chain data from analytics platform Glassnode, the crypto market may be entering a new phase as its Altcoin Cycle Signal flips from Bitcoin season to altcoin season. This shift comes after a recent rally in Bitcoin failed to lift most altcoins during the previous rally in August.
The total altcoin market cap has jumped to $1.17 trillion, marking a 33% growth since August 19. Glassnode's Altcoin Cycle Signal tracks whether market performance is favoring Bitcoin or altcoins and has reached 81.25 on a 0-100 scale, moving above the 75 level that marks altcoin season conditions.
Bitcoin dominance failed to break above 60% earlier this month and has now dropped to 59.7%. This indicates that Bitcoin holds a smaller share of the total crypto market than it did earlier in the rally.