The Altcoin Cycle Signal from Glassnode has shifted from a "Bitcoin season" to an "altcoin season." Analysts attribute this change to the ongoing rally now affecting a broader range of cryptocurrencies.

The altcoin cycle signal has just flipped from bitcoin to altcoin season.

The first rally in August saw altcoins stay relatively flat while BTC moved.

However, today's rally has ignited the full breadth of the altcoin market. pic.twitter.com/vPf5lXiEUg

— glassnode (@glassnode) September 21, 2026

“During the first rally in August, altcoins remained relatively stable while BTC rose. However, today’s surge has impacted the entire altcoin market,” experts noted.

The Altcoin Cycle Signal evaluates the performance of the 250 largest altcoins by market capitalization, excluding stablecoins. This metric aims to assess which segment of the market is showing stronger momentum compared to Bitcoin, with the latest reading at 75.

This signal has emerged amid a general recovery in the digital asset sector, with the total market capitalization briefly surpassing $3 trillion on September 22.

Currently, the market cap stands at $2.92 trillion, having increased by over 4.8% in the last 24 hours.

Cryptocurrency market capitalization chart. Source: CoinMarketCap.

In the past day, Dogecoin exhibited the most significant movement among major altcoins, surging by 5.3%. Over the week, this meme coin has increased by 19.1%, while Zcash, Hyperliquid, and Solana have seen gains of 35%, 20.8%, and 16.1%, respectively.

Ethereum's price rose by 0.7% in a day and by 10.9% over the week.

Performance of the top 11 cryptocurrencies by market cap. Source: CoinMarketCap.

Bitcoin itself surged above $87,000, marking its highest level since January. Glassnode noted an increase in spot demand and trading volumes, along with the liquidation of short positions.

However, other indicators do not yet confirm a full-blown altcoin season. As of September 22, the BlockchainCenter index stands at 49 points, well below the 75-point threshold typically required for an altcoin season.

This index assesses whether Bitcoin has outperformed 75% of the top 50 altcoins over the past 90 days.

It is worth noting that in December 2025, CoinEx Research analyst Jeff Kuo stated that an altcoin season was unlikely to begin in 2026, predicting that most capital would flow into established major cryptocurrencies. In May, BitMEX co-founder Arthur Hayes forecasted the collapse of most altcoins.

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