Altcoin Season Breakout as Glassnode Signal Hits Record High
The cryptocurrency market is experiencing an altseason breakout, as evidenced by the Glassnode Altcoin Cycle Signal hitting 81.25 on its normalized 0-100 scale. This signal indicates that capital rotation from Bitcoin to altcoins has begun.
The move in the altcoin market coincided with a significant increase in total crypto market capitalization, reaching $3 trillion and sustaining a month-long run without Bitcoin giving up 60 percent of market dominance. The combined altcoin market cap hit $1.19 trillion, its highest level since late January.
Bitcoin's dominance has lingered around 59-60% for the past few weeks, with some traders suggesting that this could be a sign of an altseason. According to Glassnode derivatives platform data, altcoin futures open interest remains 10-15% below similar periods that saw the market enter a crowded trade.