Altcoins Still Underwater Despite Seasonal Gains
Altcoin season is picking up steam, but investors are still struggling to recover losses. According to Glassnode data, less than 25% of the median altcoin's circulating supply is currently in profit. This means that most altcoins remain underwater despite recent gains.
The shift from Bitcoin season to altcoin season has been driven by a broader crypto market rally. The total crypto market capitalization crossed over $3 trillion on September 22, with Bitcoin trading near $86,000 and Ether at around $2,740. Several altcoins have also recorded significant increases in value over the last 90 days, including PONS, USELESS, ZEC, and NEAR.
However, Glassnode's data shows that most altcoin holders are still underwater. The firm notes that global market tops generally occur when a majority of market supply is deeply in profit. With less than 25% of the median altcoin's circulating supply in profit, this condition has not been reached yet.