Altcoin Season Confirmed as Crypto Rally Spreads Beyond Bitcoin
The Glassnode Altcoin Cycle Signal has flipped from Bitcoin season to altcoin season as the crypto market's rally spreads beyond BTC.
Glassnode's indicator compares Bitcoin's performance against a market-cap-weighted basket of top 250 altcoins, excluding stablecoins. When this signal is high, it means altcoins are outperforming, and when it's low, BTC is leading the way.
The signal changed from orange (Bitcoin season) to blue (altcoin season) today after Bitcoin's price flew past $87,000. This marks a shift from an August rally that mostly bypassed altcoins.
Other indicators also suggest a broader participation across the market. For instance, Bitcoin is trading above both the True Market Mean and the short-term holder cost basis, levels that have historically defined a sustained uptrend when price holds above them.
However, not everyone is convinced of an altcoin season yet. Darkfost notes that the Elliott wave count has BTC nearing its target for a fifth wave, with the daily RSI diverging from price, potentially foreshadowing a pullback toward $74,500 before any further increase.