Bitcoin Dominance Falls Below 60%, Altcoin Season in the Works?

Bitcoin's grip on the crypto market is loosening as its dominance slips below 60%. The metric tracking Bitcoin's share of total cryptocurrency market value fell to 58.5% on September 26, failing to hold above the psychologically important 60% threshold.

The altcoin market cap has climbed to around $1.17 to $1.19 trillion in late September, a 33% increase since mid-August. Bitcoin itself is trading at around $84,000, following a brief push toward the $86,000 to $87,000 range.

Glassnode's Altcoin Cycle Signal, which measures conditions favorable for altcoin outperformance on a 0 to 100 scale, hit 81.25 on September 22. This suggests that the plumbing of the crypto market is set up for altcoin flows.