BlockBeats news, September 28 — The altcoin market has recently shown clear signs of rotation, with capital shifting from pure speculative trading toward select projects that have real revenue and practical use cases. Over the past 30 days, PONS has risen more than 350%, UNI has gained over 110%, ARB has climbed more than 150%, NEAR has advanced roughly 180%, and ZEC briefly broke above $1,600 last week.CoinMarketCap data shows the Altcoin Season Index currently stands at 64, up notably from 48 last week, but still below the threshold of 75 that confirms an "altcoin season." Talos data indicates that the 10 largest altcoins by market cap now account for about 80% of the total altcoin market capitalization, further concentrating from roughly 70% at the end of 2024.Bankless host David Hoffman said that tokens such as ARB, UNI, JUP, and ONDO, which have performed strongly recently, share a common trait: they are able to generate revenue. Samar Sen, head of international markets at Talos, said current capital is mainly concentrated in yield-bearing protocols, on-chain perpetual contracts, and DeFi projects, while sectors such as privacy, AI, tokenized assets, and meme coins are also drawing attention.Sen said the current market shows a "more selective" pattern of participation, with investors allocating capital around specific narratives and ecosystems rather than trading altcoins as a single bloc.