Altcoin Indicators Clash: Is This Really Altcoin Season?

The market is experiencing a disconnect between two key indicators for altcoin season. Glassnode's Altcoin Cycle Signal reads 86, indicating that altcoins are deep in altcoin-season territory, but CoinMarketCap's Altcoin Season Index sits at 45, still in Bitcoin-season territory.

This discrepancy is due to the fact that these indicators measure different things. The Glassnode signal measures relative strength and momentum over a shorter window, while CoinMarketCap's index requires 75% of top 100 coins to outperform Bitcoin over a rolling 90 days.

The recent path tells the same story of a market stuck in place: CoinMarketCap's index has been drifting just under the 50 line that would signal a neutral market, let alone the 75 that defines a rotation. The two signals together describe a market in transition, not confirmation.