70% of Binance Altcoins Recover But Altcoin Season Index Tells Another Story

Altcoins have climbed back above a key level on Binance, with 70% now above their 200-day average. A separate gauge of altcoin strength has moved in the opposite direction. Blockchaincenter’s Altcoin Season Index fell to 41 on September 20.

The reading sits 34 points below the level that historically confirms an altcoin season.

Altcoin Market Cap Reclaims $800 Billion The total cryptocurrency market capitalization has gained 3.7% in September, with several altcoins posting sharp rallies despite macroeconomic and geopolitical shocks.

CryptoQuant analyst Darkfost reported that Total3 moved back above $800 billion. The metric tracks altcoin market capitalization excluding Bitcoin (BTC) and Ethereum (ETH). That level had not been reached in more than 8 months. The move cleared May’s high on a strong daily close.