Altcoin Season Officially Underway as Crypto Rally Spreads Beyond Bitcoin

The Glassnode altcoin cycle signal has flipped from 'Bitcoin season' to 'altcoin season', according to the on-chain analytics firm. This change comes after a rally in August that mostly bypassed altcoins, but now the market is seeing broader participation. The signal compares Bitcoin's performance against a market-cap-weighted basket of top 250 altcoins minus stablecoins.

High readings often mean altcoins are outperforming, while low readings indicate BTC is leading. The chart shows Bitcoin's price line changing color according to the prevailing regime, with orange representing Bitcoin season and blue representing altcoin season.

The primary cryptocurrency rallied through mid-August while the signal stayed orange, but it turned blue today as BTC's price flew past $87,000. Glassnode noted that the first rally in August saw altcoins stay relatively flat while BTC moved, but 'today's rally has ignited the full breadth of the altcoin market.'