The altcoin season index has fallen to 62
On September 22, the altcoin season index dropped from 78 to 62, indicating a healthy pullback rather than a trend reversal. This index reflects changes in market risk appetite by calculating the proportion of projects among the top 100 cryptocurrencies by market capitalization that outperform Bitcoin. The current level of 62 indicates that the market is still in a phase of capital rotation, not breaking below the threshold of 50, showing that the risk appetite has not completely faded.
Recent index fluctuations are highly correlated with capital behavior. When the index reached 78 on September 20, it reflected extreme market activity, but later some profit-taking led to the index's decline. This volatility aligns with the characteristic of capital rotating between sectors rather than a systematic withdrawal. For example, after starting at 24 in July, the index broke through key levels continuously within half a month, indicating that capital rotation has a staged pulse characteristic.
The previous index level compares with historical data. In December 2024, the index reached an annual high of 87, then entered a cooling period, with continued low-level fluctuations in the first half of 2025. After the index broke through 52 in July, it confirmed the return of risk appetite, and the September data continued this trend. Although the current index of 62 has pulled back from its peak, it is still significantly higher than the lows of the first half of the year, indicating that market enthusiasm has not completely faded.
It is crucial to pay attention to the support effectiveness of the level at 62. If the index can hold this level and once again push upwards, it will validate the sustainability of the current altcoin market; if it falls below 50 entering a bear market structure, caution is needed for a trend reversal. Additionally, changes in Bitcoin's dominance, the overall valuation level of altcoins, and other indicators are important references for assessing the market stage.
