Everyone waits for alt season like it's a single event. The more useful number is breadth.
At the start of most alt rallies, a handful of names do the heavy lifting. Price rises, participation doesn't. That's not alt season — that's a narrow carry trade wearing alt season's clothes.
Healthy risk appetite shows up as dispersion: more tokens making new highs, not higher highs on fewer tokens. Dispersion means capital is getting paid for taking spread-out risk instead of crowding into one story.
At tops it inverts. Breadth collapses while headline prices keep setting records — a few names carry the index while the median token quietly bleeds. People call it strength. It's concentration.
The checklist that matters:
- How many tokens are above their 90-day average? That's breadth, not price.
- Is the gap between the top 10 and the median widening? That's concentration, not strength.
- Does participation expand or shrink after each dip? Expansion is new demand. Shrinking is rotation into fewer hands.
Alt season doesn't announce itself with a headline. It announces itself in the median chart.
$BTC $ETH $SOL
#Altseason #Crypto #Altcoins #Trading #Markets
At the start of most alt rallies, a handful of names do the heavy lifting. Price rises, participation doesn't. That's not alt season — that's a narrow carry trade wearing alt season's clothes.
Healthy risk appetite shows up as dispersion: more tokens making new highs, not higher highs on fewer tokens. Dispersion means capital is getting paid for taking spread-out risk instead of crowding into one story.
At tops it inverts. Breadth collapses while headline prices keep setting records — a few names carry the index while the median token quietly bleeds. People call it strength. It's concentration.
The checklist that matters:
- How many tokens are above their 90-day average? That's breadth, not price.
- Is the gap between the top 10 and the median widening? That's concentration, not strength.
- Does participation expand or shrink after each dip? Expansion is new demand. Shrinking is rotation into fewer hands.
Alt season doesn't announce itself with a headline. It announces itself in the median chart.
$BTC $ETH $SOL
#Altseason #Crypto #Altcoins #Trading #Markets