Altseason signal triggered by Bitcoin's decline, Glassnode says

The Altcoin Cycle Signal has re-entered the "altseason" phase, according to on-chain analytics firm Glassnode. The firm noted that this signal differs from past instances. While an altseason typically occurs when altcoins post larger gains than a bullish Bitcoin, the current shift is primarily driven by BTC's weakness. Glassnode added that the indicator flipped back to the altseason phase as a prolonged sell-off in altcoins has eased amid a significant recent correction in Bitcoin.