The cryptocurrency market is sending increasingly confident signals of a shift in priorities. The Altcoin Season Index from Coin Glass has settled at 58 points, significantly above the neutral zone. This indicator measures what proportion of the top assets by market capitalization have outperformed Bitcoin over the last 90 days. For the official start of altcoin season, the threshold of 75 points must be crossed — and the current dynamics suggest we are moving in that direction.
Recall that on June 4, the index made a sharp jump to 64, after which it corrected but remained at elevated levels. Now, a value of 58 is no longer just a spike but a sustained trend. Bitcoin dominance, according to CoinGecko, stands at around 57%. This is still a high share, but it is gradually eroding. Capital is beginning to flow into a broader range of alternative coins.
BTC dominance under pressure: alts gain weight
The decline in Bitcoin's share is confirmed by other sources. According to CryptoRank, over the past few weeks, BTC dominance has fallen from 58.12% to approximately 56.3%. Meanwhile, the share of altcoins excluding Ethereum and stablecoins has risen from 19.39% to 24.68%. This is a significant shift, indicating that investors are actively seeking opportunities beyond the first cryptocurrency.
However, one should not rush to conclusions. Glassnode analysts recently warned that the current signal for the start of altcoin season may be false. The main driver of altcoin growth was not their own superiority but a sharp drop in Bitcoin. The market is showing selective rotation: capital is moving into high-yield tokens and the Solana ecosystem, while small-cap projects continue to face selling pressure.
Institutional investors, meanwhile, are setting a more positive direction. In mid-June, ETF flows turned toward altcoins: fresh capital went into products based on Ether, Solana, and XRP, while Bitcoin funds recorded outflows. This is a classic pattern for the beginning of an altcoin accumulation phase, although direct confirmation of the trend is not yet available.
My expert conclusion: The rise of the Coin Glass index to 58 and the weakening of Bitcoin's dynamics relative to its overall market share are not a coincidence but a natural process of capital redistribution. Further movement toward the 75 mark will largely depend on whether BTC dominance continues to decline through the end of July. If this happens, we will witness a full-fledged altcoin season that could reshape the current market structure.