Bitcoin Dominance Stuck Below 60% As Altcoin Season Signal Turns Bullish

Bitcoin’s climb to $86,000 this week has pulled the wider crypto market along with it, pushing total industry value back above $3 trillion. But a closer look at the numbers shows altcoins, not Bitcoin, are leading this latest leg up.

Altcoin Cycle Signal Flips In Favor Of Altcoins

Glassnode reported that its Altcoin Cycle Signal, which tracks the 250 largest cryptocurrencies against Bitcoin, has moved into altseason territory, scoring 81.25 out of 100 on a seven-day average. The firm noted that unlike an earlier rally in August, when Bitcoin moved alone while altcoins stayed flat, this rally has spread across the broader altcoin market.

Bitcoin Dominance Stays Range-Bound

Even with Bitcoin’s price gains, its share of total crypto market value has barely moved, sitting at 59.7%, close to where it stood a month ago. Combined altcoin market cap has jumped 33% since mid-August to reach $1.19 trillion, its highest point since January. One market commentator pointed to investor complacency, arguing dominance may have already peaked last year.

Bitcoin and Ether funds both posted their strongest daily inflows since October last year on Monday, signaling renewed institutional appetite across the board.