The crypto market has not yet entered a confirmed altseason period, however many altcoins strongly outperform bitcoin. Unlike previous cycles, various capital focuses on a limited number of p
The crypto market has not yet entered a confirmed altseason period, however many altcoins strongly outperform bitcoin. Unlike previous cycles, various capital focuses on a limited number of projects, essentially those generating revenue or meeting specific uses.
The bitcoin dominance currently stands around 58.6%. A sustained correction of this indicator could signal a major capital rotation towards the rest of the market. For now, the increases remain strong, but very uneven across sectors and projects.
The Altcoin Season index is close to 64 out of 100, compared to 48 the previous week. This shows that a growing number of altcoins outperform bitcoin over a 90-day period, but it remains below the 75 threshold used to confirm an altseason.
Start your crypto adventure safely with OKXThis link uses an affiliate program.Four indicators justify this gradual shift :
The crypto market is therefore in an intermediate phase. Many altcoins show significant performances characteristic of an altseason, without most of the major cryptos outperforming bitcoin.
The best performances do not concern just one category. Over about thirty days, the PONS token exploded by more than 350%, while Uniswap rose more than 110%. Arbitrum climbed more than 150% and NEAR nearly 180%, according to available data.
However, David Hoffman, co-founder of Bankless, noted a common feature among many winners such as UNI, ARB, JUP, and ONDO. He therefore stated:
They make money, they all generate revenue.
Such a characteristic indicates that investors place increasing importance on business models compared to previous speculative phases.
This selection particularly benefits exchange protocols, on-chain derivatives platforms, and certain DeFi projects. HYPE, LIT, UNI, and MORPHO are among these different projects.
However, such a progression remains partial. The revenues of a protocol are still not redistributed to its token holders. Significant activity therefore guarantees neither sustained demand for the asset nor an immediate price increase.
Speculation remains despite the return of fundamentals. Thus, launching platforms for the memecoins PUMP and PONS continue to record considerable activity. Data analyzed by linch co-founder Sergej Kunz even reveals that memecoins attracted the largest growth in the number of buyers over 30 days.
Nevertheless, their weight among the best performers seems to be decreasing. Two memecoins remain the top performers over a week among about twenty cryptos. Pudgy Penguins was then the only representative of this category in the weekly ranking.
Other themes have captured part of the flows. Privacy-related cryptos, including Zcash and Moreno, advance alongside tokens linked to artificial intelligence like TAO and VVV. Also, tokenized real-world assets and on-chain stocks attracted new buyers.
This diversity does not prove the existence of a global rotation. It rather indicates that multiple narratives coexist, with rapid movements between DeFi, AI, privacy, RWAs, and memecoins.
Now, the top ten altcoins represent according to Talos nearly 80% of the total capitalization of this category, compared with about 70% at the end of 2024. Samar Sen, head of international markets at the company, describes “a market where capital focuses on a smaller number of assets”.
Broker participation is also said to have decreased. Thus, their share in altcoin trades supposedly fell from nearly 65% at the end of 2024 to 32% in September 2026. Liquidity providers and market makers might play a less critical role in the current rise.
“Investors focus on specific narratives and ecosystems rather than treating altcoins as a single global strategy,” highlights Samar Sen.
A true altseason might now require broadening the rise beyond a few leaders. As long as the index remains below 75 and the top ten altcoins concentrate most capital, the market looks more like a selective rotation than a broad advance.
