Altcoin trading activity has reached levels not seen since September 2025, driven by increased spot volume and rising exchange deposits. The total cryptocurrency spot volume now runs nearly 4 times Bitcoin's spot volume, according to data reported on September 28, marking the highest ratio since that period.
Higher spot volume relative to Bitcoin typically reflects increased risk appetite among traders. Analysts note that such demand patterns have historically coincided with local Bitcoin price tops.
Broad Market Participation Growing
The altcoin rally is spreading across a wider range of assets. In August, 80% of Binance-listed altcoins traded below their 200-day moving average. That figure has fallen to 13%, with 87% of altcoins now trading above the trend line as of late September.
The broader altcoin market, measured by Total2, has absorbed over $371 billion since June, representing a 45% gain over the period. Exchange deposits on major platforms have also reached their highest levels since October 2025, with weekly deposit transactions averaging over 22,700 on Binance and 8,300 on Coinbase.
Concentration in Specific Assets
Despite broad participation metrics, recent gains have concentrated in particular assets. Quant (QNT) surged approximately 269% over seven days following The Clearing House's selection of its Overledger technology for a tokenized deposit network. Hedera (HBAR) jumped nearly 27% in 24 hours.
Conversely, meme coins and privacy coins have declined. Dogecoin (DOGE) fell almost 9% over the week, while Pepe (PEPE) lost about 21%. Zcash (ZEC) dropped roughly 12% in 24 hours.
Formal Altcoin Season Remains Unconfirmed
The Altcoin Season Index, which tracks how many of the top 50 cryptocurrencies outperform Bitcoin over 90 days, stands at 53. The index moved from Bitcoin Season to Neutral on September 2. A reading of 75 or above is required to confirm an altcoin season.
Some analysts have identified bullish technical signals. The OTHERS/BTC monthly chart, which excludes the top 10 assets, recently broke out of a 4-year downtrend and confirmed a bullish momentum cross, mirroring patterns preceding the 2021 altcoin season.
The index would need 22 more points to formally confirm altcoin season status. Market observers are watching whether this threshold is reached before the elevated deposit levels and risk appetite signals resolve.
