On-chain analytics firm Glassnode said on X that its altcoin cycle signal has shifted from a Bitcoin-dominance regime toward altseason. Unlike August's rally, when altcoins stayed flat while Bitcoin swung, the current move is lifting the broader altcoin market — an early sign capital is rotating down the risk curve.

Altcoins Are Now Participating in the Rally, Unlike August

Glassnode's core observation is behavioral: during the first rally in August, altcoins remained largely flat despite Bitcoin's price volatility. In the current leg — with Bitcoin trading near $86,000 after Monday's $87,300 high — the altcoin market is rising alongside it. That participation shift, rather than any single price level, is what flipped the firm's cycle signal.

Bitcoin Dominance Has Slipped From 59.2% to Roughly 57%

Total crypto market capitalization stands near $3 trillion, putting Bitcoin dominance at approximately 57% (derived), down from 59.2% earlier in September — a decline of roughly 3.7% in relative share. Falling dominance during a rising market is the classic altseason precondition: it means altcoins are growing faster than Bitcoin, not merely holding value while Bitcoin corrects.

Derivatives Data Shows Speculative Flows Moving Into Alts

Positioning confirms the rotation. DOGE open interest jumped 10% in a single day as the token gained about 15% to roughly $0.10, while XRP open interest climbed from 2.2 billion to 2.46 billion XRP, with the token near $1.52. Total perpetual futures open interest sits around $160 billion, the highest since late October 2025. SOL trades near $117 and ETH near $2,740, while ZEC — at roughly $1,450 after a record near $1,488 — has drawn over $230 million into a US ZEC ETF in September.