Crypto Market Hits $800 Billion Milestone, But 'Altseason' Remains Uncertain

The cryptocurrency market has reached a technical milestone, but it's not yet clear if this will signal the start of 'altseason.'

On September 18, the total market value of all cryptocurrencies except Bitcoin and Ethereum (known as Total3) hit $800 billion, its highest level in almost eight months.

This surge was accompanied by a 70% of altcoins listed on Binance trading above their 200-day moving averages, a feat last achieved in October 2025.

However, when Bitcoin reached its highest price since January at $85,000 on September 21, the gains across the board suggested a single buyer rather than money flowing out of Bitcoin and into altcoins.

The recent change in the SEC's regulatory attitude has been cited as a potential catalyst for a long-term bull market. The agency unveiled its Draft Regulation Crypto Assets on August 18, which proposes two tailored offering exemptions and a safe harbor that lets crypto assets lose their 'investment contract' status if certain conditions are met.

While this development is seen as positive by some, including Bitwise's CIO Matt Hougan, who predicts it will be the 'strongest and longest-lasting bull market in crypto history,' others remain cautious. Darkfost notes that a single day of brief liquidations or regulatory proposal does not guarantee a long-term upward trend.

To confirm a broader change, alternative cryptocurrencies must outperform Bitcoin over the 90-day evaluation period for the Altcoin Season Index to move above its historical peak of 75.