Bitcoin and Ethereum appear to be losing ground to altcoins. The Altcoin Season Index has reached 82, the highest level since December 2024.
How the Altcoin Season Index Works
The Altcoin Season Index is a metric that shows how altcoins are performing compared to Bitcoin over the last 90 days. If most altcoins outperform Bitcoin, the index score increases. A score above 75 is often interpreted as the start of 'altcoin season.'
Phases of the Altcoin Market
Trader Rekt Fencer breaks altcoin season into four simple phases: 1) Money flows into Bitcoin, 2) Then into Ethereum, 3) Then large-cap coins like SOL and XRP take the spotlight, and 4) The final phase brings in small-cap altcoins. Currently, the market looks to be in phase three, with large-cap coins growing but true 'altseason' not yet having begun.
Why Euphoria May Be Ahead
On-chain signals and historical data indicate that the true euphoria of altcoins is still ahead. The total crypto market cap has reached $1.73 trillion, a 90-day high. However, the level of 'extreme greed' typically seen at the final stages is not yet present.
While the Altcoin Season Index hitting 82 signals growing interest in altcoins, analysis suggests that true euphoria and mass participation are yet to come.
