The altcoin season debate has revived after Bitcoin reclaimed $86,000 on September 22, 2026, as Glassnode’s Altcoin Cycle Signal hit 81.25 on its normalized 0-100 scale, signaling a clear regime flip from Bitcoin to altcoins. The broader move coincided with total crypto market capitalization surpassing $3 trillion and Bitcoin dominance staying below 60%, with the combined altcoin market cap reaching a January high of $1.19 trillion. Institutional inflows added context, as Bitcoin ETFs saw $999 million in flows and Ether ETFs tracked $270 million, the best single-day figures since October 2025.
Glassnode stated on X that unlike a rally in August, where altcoins remained flat, today’s rally has “ignited the full breadth of the altcoin market.” The Altcoin Cycle Signal compares the growth of the 250 largest cryptocurrencies, excluding stablecoins, to Bitcoin. Bitcoin dominance stood at 59.7% on September 22, down from a macro peak of 66% in June 2025.
September’s rally saw Bitcoin recover from $75,972 to an intraday high of $87,359. Major altcoins also posted gains, with Ethereum near $2,750, XRP up over 6%, Solana gaining 5%, and Dogecoin rising more than 12% as reported by Farside Investors. The aggregate cost basis for Bitcoin ETFs sat just under $86,000.
Glassnode data showed that altcoin futures open interest remains 10-15% below crowded trade periods, reducing near-term liquidation risk. Exchanges saw volume shifting from Bitcoin toward Ethereum, Solana, and alternative layer 1s. Sustaining the trend depends on whether Bitcoin dominance continues to decline and if altcoin market cap holds above $1.19 trillion.
