Ethereum has posted a strong recovery over the past week, climbing nearly 31% to trade around $2,495. This surge comes as traders watch for signs of a broader altcoin season, yet key market t
Ethereum has posted a strong recovery over the past week, climbing nearly 31% to trade around $2,495. This surge comes as traders watch for signs of a broader altcoin season, yet key market trackers remain unconvinced a genuine altseason has begun.
Ethereum (ETH) saw its price climb to approximately $2,494.68, representing a daily gain of 2.59% and a weekly increase of 31.01%. Bitcoin (BTC) also experienced a solid performance, trading near $78,411 with a 23.25% rise over the same period.
A small number of altcoins outpaced Ethereum. XRP advanced roughly 49%, and Zcash (ZEC) gained about 64% in the past seven days. However, BTC maintained a dominant market position, accounting for over 59% of the total cryptocurrency market value. ETH’s share was recorded at about 11.4%, indicating that capital has not broadly shifted from Bitcoin to altcoins.
Market sentiment remains high, with CoinMarketCap reporting a Fear and Greed Index score of 80 out of 100, suggesting prevailing optimism among investors.
Coin7-Day Change (%)Market Share (%)Bitcoin (BTC)23.2559Ethereum (ETH)31.0111.4XRP49—Zcash (ZEC)64—The concept of an altseason—when alternative cryptocurrencies outperform Bitcoin over an extended period—is closely monitored by indexes from CoinMarketCap and BlockchainCenter. These platforms set clear thresholds for defining such periods.
CoinMarketCap establishes an altseason as a period when at least 75 of the top 100 cryptocurrency assets outperform Bitcoin over a rolling 90-day span. If 25 or fewer outperform BTC, the tracker signals a “Bitcoin season” instead.
BlockchainCenter uses a similar methodology, analyzing performance among the top 50 coins. For an altseason declaration, at least 75% of these need to surpass BTC over 90 days. As of the latest readings, the BlockchainCenter index stood at 43, well below the altseason threshold.
BlockchainCenter reported that more than 332 days have passed since the last recognized altcoin season. Both indexes exclude stablecoins and asset-backed wrapped tokens from their calculations.
Mini dictionary: BlockchainCenter, an analytics platform specializing in cryptocurrency metrics, provides various indices to measure performance and market trends in digital assets. Its Altcoin Season Index is widely referenced to gauge market cycles between Bitcoin and alternative cryptocurrencies.
On August 24, Glassnode, an on-chain analytics company, wrote that the altcoin market “has entered a state of optimism,” noting that 85% of altcoins showed funding rates above their historical average. This marked the highest level since Bitcoin reached its all time highs. Glassnode added that such situations have previously persisted for several weeks during earlier altcoin seasons.
Glassnode observed, “In an alt season, these conditions can last for many weeks,” describing the current phase as marked by heightened optimism among altcoin holders.
Arthur Hayes, co-founder of BitMEX—a major cryptocurrency derivatives trading platform—expressed a bullish stance on Ethereum. In a conversation with Laura Shin, Hayes explained that ETH remains his second-largest holding after Bitcoin. He argued that Ethereum could rally above $3,000 and potentially exceed $5,000, given its perceived lower risk compared to smaller altcoins.
Hayes further remarked on the Altcoin Daily podcast that he expects ETH to outperform other large-cap assets during the current liquidity-driven phase, possibly pushing Bitcoin’s market dominance down toward 40%.
Arthur Hayes suggested Ethereum’s recent price action “leaves significant room to catch up,” emphasizing its potential to lead altcoins while moderating portfolio risk compared to less established tokens.
Despite recent market enthusiasm, traders and analysts remain cautious. In June, Cryptopolitan reported that altcoin selling hit all-time highs, with the season index at 49. On June 30, more than 84% of altcoins were trading below their 200-day moving averages, marking the longest sustained downturn since the 2022 bear market.
CryptoQuant analyst Darkfrost pointed out that altcoins have remained highly correlated with Bitcoin, so even strong BTC rallies do not necessarily translate into sustained gains across the entire altcoin sector. This pattern has favored brief rallies in a small number of liquid assets, rather than widespread growth among alternative coins.
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