What is altcoin season?

Altcoin season as a market label

Altcoin season, sometimes called altseason, describes a period when many crypto-assets other than Bitcoin have performed better than Bitcoin. An altcoin is any crypto-asset other than Bitcoin. For example, if Bitcoin falls by 20% over a chosen period and an altcoin falls by 10%, that altcoin has performed better in the comparison, even though both have lost value. The phrase describes relative performance, not a rise in every altcoin's price.

There is no single official definition of an altcoin season. The answer depends on which assets are included, how long they are measured and what share must outperform Bitcoin. The cryptocurrency introduction explains how crypto-assets differ in use.

How the indicator is calculated

An indicator compares Bitcoin's percentage price change with the changes in a defined group of altcoins over the same look-back period. It then reports how many of those assets outperformed Bitcoin. If seven of ten chosen altcoins did so, the result is seven of ten for that particular group and period. That is an illustration, not a reading of today's market.

Choices behind an altcoin season comparison

Choice	Example	Why it matters
Reference asset	Bitcoin	Outperformance is relative to Bitcoin, even when both prices fall
Asset group	A defined set of altcoins	A broad set can give a different answer from a small one
Look-back window	The past 30 or 90 days	Changing the window changes the returns being compared
Exclusions	Stablecoins or tokens tied to other assets	A provider may remove assets designed to follow another value

An altcoin season index or altcoin season indicator is a tool for describing that comparison. Its reading depends on its provider's rules. It is different from an investable index whose rules determine what an ETP holds.

Bitcoin dominance

Bitcoin dominance¹ is Bitcoin's share of the total crypto market value. A falling share means other crypto-assets together account for more of that total. It does not show how many individual altcoins outperformed Bitcoin: the change could come from a few large assets. No single dominance reading establishes that an altcoin season is underway.

Can an indicator predict the next altcoin season?

An indicator describes prices over a period that has already happened. When a new day enters its window, the result can change. Neither a high reading nor a fall in Bitcoin dominance tells us when altcoins will outperform next. The term has no fixed duration, because the group, window and threshold vary between measures.

An altcoin index ETP

Virtune Crypto Altcoin Index ETP gives exposure to a rules-based group of altcoins through a listed security. The underlying index focuses on ten large altcoins², excludes Bitcoin and Ether, weights its assets equally and rebalances monthly. The index rules determine the holdings; they do not respond to an altcoin season indicator. The investor owns the ETP, not the crypto-assets in a personal wallet. Its product page shows current holdings, costs and trading venues.

This is one way to follow a defined altcoin group without selecting each asset or managing a wallet. A broader top-ten crypto index² selects leading assets by market value without the altcoin index's exclusion of Bitcoin and Ether; an Ethereum ETP instead follows one non-Bitcoin network asset. Neither is an altcoin season indicator. The ETP guide explains what the investor owns. The product is listed on Xetra as well as Nordic exchanges; availability at a particular broker must be checked there.

Risks of treating the label as a signal

Altcoins can be volatile and liquidity differs between assets. An indicator's past-window reading can change quickly, and a group that outperformed Bitcoin can still have lost value. An ETP adds its own costs and issuer and custody risks to the underlying market risk. European supervisory authorities³ warn that crypto-assets can be risky and consumer protection may be limited.