On-chain analytics firm Glassnode announced via X that the Altcoin Cycle Signal is still maintaining the 'altseason' phase. Glassnode explained, "This is a bullish trend beyond the 'denominator effect (a phenomenon where relative strength appears high due to Bitcoin's weakness)' explained last month," adding, "Altcoins are showing strong trends based on both relative and absolute standards." Last month, Glassnode had explained that the altcoin season phase was entered due to the 'denominator effect,' where altcoin indicators looked relatively good because BTC had fallen significantly.
