The market capitalization of alternative cryptocurrencies is only a few percent from the last high. Some signs cause analysts to assume that September finally brings the long-awaited old coin season.
Several reasons indicate that the old coin season has entered its acceleration phase, in which almost every old coin purchase could bring profit. What are these signs? Below are the most important observations and explanations.
Altcoin season in September: Commercial volume increases
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Analyst Maartunn recently noticed that the retail volume of old coins rose in September while the volume of BTC and ETH decreased. This rare signal confirms that capital flows into old coins.
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Cryptoquant data also show that the proportion of Altcoin-Spotvolumens rose in September, while the shares of ETH and BTC have dropped. Specifically, old coins made up 37.2 percent, while ETH and BTC made up 31.8 percent and 30.9 percent.
This shift often signals a liquidity rotation from Bitcoin and large coins to medium-sized and small coins, which confirms the acceleration of the Altcoin season.
“AltSeason notes? The Ethereum Spot volume has dropped last week while the old coin volume has risen,” said Maartun.
The decline in the ETH volume content fits the well-known capital rotation cycle. Capital typically begins with the increase in Bitcoin, flows into ETH and accelerates into a wide range of altcoin.
Maartunn added that 8 out of 10 indicators in the Bull/Bear Score from Cryptoquant are now Bärisch for Bitcoin.
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In the meantime, the Bitcoin dominance has dropped together with the BTC course in September. With the increasing Altcoin market capitalization, this increases the view that capital prefers old coins.
Altcoin Season Index reaches maximum
The second sign is the Altcoin Season Index (ASI) from the Blockchain Center, which has reached 80 points, its highest level in 2025. This confirms that the market is in the old coin season.
The ASI measures the performance of the top 50 coins (without stable coins) compared to Bitcoin over the past 90 days. With 75 percent of coins that exceed BTC, the index shows that old coins dominate.
During the acceleration phase, the ASI can increase to 100 before the cycle ends, similar to earlier highs. This reflects a strong preference for risky altcoin investments.
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Analyst Lau noticed that the acceleration period of the Altcoin season can take between 17 and 117 days.
“Historically, the average duration of the old season is 17 days, with a record of 117 days. Now we only have to wait and see how long the new cycle will take,” wrote Lau.
Technical analysis shows bullish patterns
The third sign comes from the technical analysis. Total3 (the entire Altcoin market capitalization without BTC and ETH) has formed a massive bullish triangle in the past four years and is now about to break out.
Diagrams show that Total3 tests its monthly all -time highs, with increasing volume and course that presses the resistance. An outbreak would officially mark a strong acceleration of the old Season, similar to the cycles 2019–2021.
Simon Dedic, founder of Moonrockcapital, called this currently the most important structural signal.
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“Imagine the top, while Total3 is about to break out of a 4-year-old wedge and on the way to the highest monthly closing course in crypto history,” said Simon Dedic.
If total3 over 1.16 trillion increases to achieve new highs, this will strengthen the trust of investors in old coins. Since there are no historical resistance levels, the upper limit of the rally depends entirely on the fomo moment of small investors.
Rising liquidity and new listings
The increasing liquidity in Altcoins triggered a wave of new stock market lists in September.
- Upbit Added a token almost every day (Linea, Pump, Holo, Open, WLD, Flock, Red), around his 50.6 percent Market share compared to Bithumb (46 percent) to keep.
- Bithumb has listed Eul, Wlfi, Linea and Pump.
- Coinbase has listed KMNO, Dolo, Layer, SPX, AWE and Wlfi.
These lists increase the liquidity of old coins, attract speculation and increase the trading volume. The feedback loop between LITENTS NATIONS AND REATING VOLUMINA accelerates the Altcoin season even further.
