Altcoin Season Officially Underway as Glassnode Signal Shifts

The Glassnode Altcoin Cycle Signal has shifted from 'Bitcoin season' to 'altcoin season', indicating that the current rally is broadening across a wider range of cryptocurrencies. This change in signal was attributed to the expansion of the current rally, which saw altcoins remain relatively flat during the first rally in August while Bitcoin rose.

However, today's surge has affected the entire altcoin market, with many alternative coins showing significant gains. Among the largest altcoins, Dogecoin showed the most notable performance, with its price rising by 5.3% over the past 24 hours and a weekly increase of 19.1%. Zcash, Hyperliquid, and Solana also surged by 35%, 20.8%, and 16.1%, respectively.

Ethereum's price increased by 0.7% over the day and by 10.9% over the week, while Bitcoin itself rose above $87,000 during the rally - a peak since January. Glassnode noted an increase in spot demand and trading volumes, as well as the liquidation of short positions.

However, other indicators do not yet confirm a full-fledged altcoin season. The BlockchainCenter index stands at 49 points, with 75 needed for an altcoin season. This methodology evaluates whether Bitcoin has outperformed 75% of the top 50 altcoins over the past 90 days.