Key Takeaways
- The Altcoin Season Index reached 72 this week above 75 is considered full ‘altcoin season.’
- Solana, Avalanche, and Chainlink have led Q2 gains among large-cap altcoins.
- In the 2021 cycle, the index crossed 70 roughly 60 days before the cycle peak.
- Canadian crypto investors have limited direct access to altcoins via regulated ETFs only BTC and ETH are available.
The Altcoin Season Index a metric that measures whether the top 50 cryptocurrencies are outperforming Bitcoin over a rolling 90-day period hit 72 this week, its highest reading since March 2024. A reading above 75 is traditionally considered full “altcoin season,” and historically these periods have coincided with the most explosive gains across the crypto market.
What the Index Measures
The index is straightforward: if 75% or more of the top 50 altcoins have outperformed Bitcoin over the past 90 days, it’s altcoin season. A reading below 25 indicates Bitcoin dominance. The current reading of 72 suggests altcoins are broadly outperforming, with particularly strong showings from Solana (+34% vs BTC over 90 days), Avalanche (+28%), and Chainlink (+41%).
| Altcoin | 90-Day vs BTC | YTD Return | Market Cap |
|---|---|---|---|
| Solana (SOL) | +34% | +82% | $84B |
| Chainlink (LINK) | +41% | +118% | $18B |
| Avalanche (AVAX) | +28% | +64% | $22B |
| Polkadot (DOT) | +19% | +41% | $12B |
| Cardano (ADA) | -8% | +22% | $28B |
The Canadian Access Problem
For Canadian retail investors, altcoin season is frustratingly difficult to participate in through regulated channels. The OSC has approved spot ETFs only for Bitcoin and Ethereum meaning exposure to Solana, Chainlink, or any other altcoin requires a crypto exchange account with all the associated custody and tax complexity.
This regulatory gap is increasingly cited by Canadian crypto advocates as a competitive disadvantage. The U.S. is actively reviewing applications for Solana and Litecoin spot ETFs, and if approved, pressure on Canadian regulators to follow suit will intensify.