The Altcoin Cycle Signal indicator from Glassnode has shifted from the bitcoin season mode to the altcoin season. This change follows a market rally that has expanded beyond bitcoin to include a broader range of cryptocurrencies. The metric tracks the performance of the 250 largest altcoins by market capitalization, excluding stablecoins, and currently stands at a value of 75.
The total cryptocurrency market capitalization recently reached $2.92 trillion, marking a 4.8% increase over the last 24 hours. On September 22, the total market cap briefly exceeded $3 trillion. During the past day, Dogecoin rose by 5.3%, while Ethereum saw a 0.7% increase. Over the last week, Zcash, Hyperliquid, and Solana grew by 35%, 20.8%, and 16.1% respectively.
Despite the Glassnode signal, other metrics remain cautious. The BlockchainCenter index is currently at 49 points, below the 75-point threshold required to confirm a full-scale altseason. This index evaluates whether 75% of the top 50 altcoins have outperformed bitcoin over the last 90 days. Bitcoin itself recently traded above $87,000, driven by spot demand and short liquidations.
Market outlooks remain mixed regarding the future of altcoins. In December 2025, CoinEx Research analyst Jeff Ko suggested that a major altseason is unlikely in 2026, with capital expected to flow primarily into established large-cap assets. Additionally, BitMEX co-founder Arthur Hayes previously predicted in May that a significant portion of altcoins could face a collapse.
