70% of Binance Altcoins Recover But Altcoin Season Index Tells Another Story

Altcoins on Binance have shown a notable price recovery, with 70% trading above their 200‑day moving averages – a level not seen since October 2025. At the same time, the broader market strength gauge, Blockchaincenter’s Altcoin Season Index, fell to 41 on September 20, well below the historical threshold for an altcoin season.

Market Capitalization Reaches $800 Billion

The total cryptocurrency market cap rose 3.7% in September, pushing the altcoin‑only market (excluding Bitcoin and Ethereum) above $800 billion for the first time in over eight months, according to CryptoQuant analyst Darkfost.

Contrasting Signals

While the price structure of many altcoins has improved, the Altcoin Season Index – which measures the percentage of the top 50 altcoins that have outperformed Bitcoin over the past 90 days – dropped to 41, indicating that fewer than half are beating Bitcoin in that period. Bitcoin dominance rose to 59.34% on September 20, supporting the view that altcoins have recovered against the dollar but not yet against Bitcoin.

Potential Early Indicators

The ETH/BTC ratio hovered near 0.03238 and recently tested a downtrend that has persisted since 2021, offering a tentative early signal of a possible altcoin rotation, though it remains far below its 2021 peak.

Outlook

Analyst Darkfost warned that the improving structure could reverse quickly, urging caution. For the Altcoin Season Index to confirm a broader altcoin season, sustained outperformance of Bitcoin over the 90‑day window would be required.