Glassnode says large-scale rotation into altcoins has not started yet

Glassnode said recent gains in altcoins have still lagged Bitcoin’s advance. The report said altcoin market capitalization rose 21% over the past month, but altcoins are not eroding Bitcoin’s market share the way they did at previous peaks. Glassnode added that strong altcoin gains alone do not mean the market has entered a late-stage overheating phase for altcoins. It said the outsized rotation typically seen at past market tops, when capital flows into higher-risk altcoins far faster than Bitcoin’s market capitalization grows, has not started yet. Instead of a market-top rotation from Bitcoin into altcoins, the current rally looks closer to a broad-based rise across the crypto market centered on large-cap coins.