The crypto market is showing new signs of strength outside Bitcoin, bringing fresh talk about a possible altcoin season. Altcoins have gained ground in September, but market data does not yet show a full altseason.
Peter Thoc, founder of House of Crypto, had described the 2025 market setup as a “perfect asymmetry window.” He argued that some smaller tokens could see large price moves if money moved into altcoins.
His view came after several strong crypto periods, including the 2021 NFT boom, the market rally in late 2023 and the memecoin surge in early 2024.
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Altcoins are gaining ground, but the market is not in full altseason
The latest data shows why traders are watching the market closely. The Altcoin Season Index from Blockchain Center was at 57 on September 30, 2026. The index uses the top 50 altcoins and checks how many have done better than Bitcoin over 90 days. A reading of 75 or more is used to mark an altcoin season.
Another tracker put the 90-day reading at 71 on September 26. Its 30-day reading was higher at 86, showing that many large altcoins have done well in the past month. However, the same tracker said the 90-day figure was still below the 75-point mark.
Bitcoin’s share of the total crypto market has also fallen slightly. It stood at about 58.5% on September 29, down from recent levels above 60%. That points to some money moving into other crypto assets, but it does not prove that a full altseason has started.
This matters because an altseason needs more than a few coins going up. A real market shift would mean many major altcoins keep beating Bitcoin over a longer period.
Also Read: Binance Lists Hyperliquid HYPE With Seed Tag as Spot Trading Opens
HYPE shows how fast individual altcoins can move
Hyperliquid’s HYPE token is one example of the strong moves seen in the altcoin market. HYPE was trading around $85.63 on September 30, 2026, with a market value of about $19 billion. Its recent all-time high was $97.96 on September 23.
HYPE has also gained more access to large trading platforms. Bybit launched a HYPEUSD inverse perpetual contract in July 2026, giving traders another way to trade the token.
The move in HYPE does not mean the whole altcoin market is following the same path. Different tokens have different reasons for rising, and some can fall just as quickly.
Thoc’s 2025 comments are therefore best viewed as part of the earlier debate over where the next wave of crypto growth could come from. The current data gives traders more reason to watch altcoins, but it does not yet show a clear market-wide shift from Bitcoin.
Adding to the earlier market interest, DeFi Planet previously reported that altcoin momentum was building as HYPE gained more than 48% during its 2025 rally.
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