Altcoins up 21% but lag Bitcoin’s market share

Glassnode data as of Sept. 7 show altcoin market capitalization rose 21% over the past month while altcoins’ share of the combined Bitcoin-and-altcoin market declined by 0.9 percentage points over the prior 90 days.

Bitcoin recovered about 27% from August lows near $62,000 and traded near $79,000 by Sept. 15. Glassnode’s True Market Mean sits near $76,600.

Glassnode identified a concentrated cost-basis band between $83,000 and $86,000 where roughly 1.07 million BTC was acquired, largely by long-term holders, creating a dense supply zone above current prices.

The Federal Reserve is scheduled to meet on Sept. 16. Economists surveyed ahead of the meeting largely expected a 25 basis-point increase to a 3.75%–4% range, and futures markets priced about 90% odds of a hike. The 10-year Treasury yield briefly reached 5% on Sept. 14.

Spot Bitcoin exchange-traded funds recorded four consecutive days of outflows totaling about $463 million from Sept. 8 to Sept. 11, then showed net inflows of $159.9 million on Sept. 14.

The U.S. Senate held a cloture vote on the motion to proceed to the CLARITY Act on Sept. 15, a procedure that requires 60 votes. The bill proposes to expand Commodity Futures Trading Commission authority over digital commodities while retaining Securities and Exchange Commission jurisdiction over aspects of primary-market activity. Bitcoin markets already include spot ETFs, regulated derivatives and established custody; the bill would apply regulatory definitions more broadly to token markets, custody providers and decentralized finance services.

Glassnode’s historical comparison shows that near three of four past Bitcoin peaks, altcoin share rose at least 2.8 percentage points over 90 days; the Sept. 7 reading of minus 0.9 percentage points indicates that such a rotation had not appeared heading into September.

Market participants are tracking ETF flows, on-chain supply behavior around the $83,000–$86,000 band, funding rates and leverage, the relative performance of higher-beta tokens versus Bitcoin, and the ETH/BTC trading pair.

The Federal Reserve meeting on Sept. 16 and the Senate cloture vote on Sept. 15 were scheduled for this week.