Only nine of the 50 largest altcoins at the time of Bitcoin’s peak last October have since outperformed Bitcoin, according to Glassnode. Zcash (ZEC) led by a wide margin, generating almost 14.5 times Bitcoin’s return, while HYPE followed at about 2.9 times. Monero (XMR) and NEAR delivered 2.6 times and 2.1 times Bitcoin’s return, respectively; UNI, TRX, LEO and TAO were also among the outperformers. The results show the opportunity cost of shifting capital from Bitcoin into riskier altcoins, even when those assets still produce positive dollar returns. Glassnode’s more recent data indicates that momentum may be broadening: more than 72% of tracked altcoins outperformed Bitcoin over the past week, compared with a peak of 39% during the August breakout rally. Altcoin perpetual open interest (the value of outstanding contracts) barely increased over the past month, offering little evidence that excessive derivatives leverage drove the move. The improvement moved Glassnode’s Altcoin Cycle Signal into altcoin-season territory. However, altcoins have not yet taken meaningful market share from Bitcoin: their combined market capitalization rose 21% over the preceding month, while their 90-day share change remained negative at -0.9%.