This Signal Has Flipped to Altcoin Season as Crypto Rally Spreads Beyond Bitcoin

Glassnode's indicator compares BTC with a market-cap-weighted basket of 250 altcoins, excluding stablecoins, to track relative performance. Glassnode’s Altcoin Cycle Signal flipped from Bitcoin season to altcoin season this week, the on-chain analytics firm has reported. This is after an August rally that had mostly bypassed altcoins gave way to broader participation across the market. Signal Says the Market Has Widened The Glassnode signal compares Bitcoin’s performance against a market-cap-weighted basket of the top 250 altcoins, minus stablecoins. High readings often mean altcoins are outperforming, while low readings mean BTC is leading. Additionally, 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, then it turned blue today as BTC’s price flew past $87,000. “The first rally in August saw altcoins stay relatively flat while BTC moved,” Glassnode wrote. “However, today’s rally has ignited the full breadth of the altcoin market.” In another post, the analytics platform noted that ...