Analysis: Altcoin Season Signal Turns as Rally Broadens Beyond Bitcoin
Suehyeon Lee
Summary
- Glassnode said gains that had recently been concentrated in Bitcoin are spreading to altcoins, fueling broader buying across the market.
- Glassnode said the altcoin cycle signal has just shifted from Bitcoin season to altcoin season.
- Glassnode said this rally has lifted the broader altcoin market, with the Bitcoin-led upswing expanding across altcoins more widely.
Forecast Trend Report by Period
Buying is spreading across the broader digital-asset market as gains that had recently been concentrated in Bitcoin spill over into altcoins, Glassnode said in an analysis.
On September 22, the on-chain analytics firm said the altcoin cycle signal had just shifted from Bitcoin season to altcoin season.
Glassnode said that during the first leg of the rally in August, altcoins showed little clear movement even as Bitcoin rose. This time, by contrast, the broader altcoin market is rebounding alongside Bitcoin, marking a different pattern.
The latest advance has triggered moves across the altcoin market, Glassnode said, with the Bitcoin-led rally broadening to altcoins more widely.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.