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- Altcoin season is gaining momentum, but less than 25% of the median altcoin’s circulating supply is currently in profit.
- Glassnode data shows most altcoins remain underwater despite the recent crypto market rally.
- Rising altcoin participation has yet to translate into broad profitability as selling pressure persists around breakeven levels.
Altcoin season is gaining momentum. But Glassnode data shows that most altcoin holders remain underwater. As of September 23, less than 25% of the median altcoin’s circulating supply was in profit.
Recent gains have not yet translated into broad profitability. Still, more altcoins are now participating in the wider crypto market rally.
Altcoin Season Meets a Profitability Gap
The latest أظهرت from Glassnode shows one major difference over the last couple of months. Its altcoin cycle signal flipped from بيتكوين season to altcoin season after the latest rally spread to more than just Bitcoin.
During the August rally, Glassnode noted that while many altcoins were relatively flat, Bitcoin was taking the lion’s share of the market’s gains. The more recent move has been more broad-based.
The change has also pushed the Altcoin Season Index up. According to CoinMarketCap, the reading was 49 out of 100 on September 22 compared to 32 a week ago and 40 a month ago. The reading hit 50 the day before.
The figures indicate broader improvement, but they do not mean that most altcoins have recovered their previous losses.
Glassnode’s latest profitability measure makes that distinction clear. The median altcoin has less than one-quarter of its supply in profit. More than three-quarters of the measured supply therefore remains below its on-chain cost basis.
That leaves a large amount of supply potentially approaching its breakeven level as prices recover.
Why Breakeven Levels Matter
The supply-in-profit metric compares the current market price with the price at which tokens last moved on-chain.
Tokens acquired below the current market price are considered profitable, while those acquired at higher levels remain underwater.
As more altcoins recover, previously loss-making holders can move closer to their original purchase prices.
Glassnode’s data therefore shows that the market still contains a large pool of holders whose positions have not yet returned to profit.
The firm also said that global market tops generally occur when a majority of market supply is deeply in profit. Based on the current reading, that condition has not been reached.
The distinction matters for the current altcoin season narrative. A rising index can show stronger relative performance without meaning that the broader altcoin holder base has fully recovered.
Crypto Market Gains Are Becoming Broader
The improvement in altcoin participation has occurred alongside a broader crypto market rebound.
The CoinMarketCap data cited by The Coin Republic demonstrated that the total crypto market capitalization crossed over the $3 trillion mark on September 22.
Bitcoin closed near $86,000, while Ether was around $2,740, recording a substantial increase of almost 10% over the last seven days, while the total market value of all digital assets increased by around 4% over the last 24 hours.
According to the same report, several altcoins recorded impressive increases in value over the last 90 days. PONS rose 636.36%, USELESS gained 350.75%, and ZEC climbed 264.84%.
PUMP advanced 224.61%, while UNI, RAY and ARB posted gains of 198.64%, 196.53% and 178.20%, respectively.
NEAR was up 131.78% over the period. SOL gained 69.40%, ADA rose 66.82%, and ETH advanced 65.14%.
Those figures help explain why altcoin season indicators have improved. Participation is no longer limited to a small number of assets.
Still, performance over 90 days does not erase the losses held by investors who entered at higher prices.
This article is for informational purposes only and does not constitute financial or investment advice. On-chain profitability and market-breadth indicators do not guarantee future price performance.
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