Just checked the altcoin season index and it's been climbing lately. For those not familiar, it basically tracks what percentage of the top 100 cryptos are outperforming Bitcoin over a 90-day window. When it hits 75, that's when people start calling it an actual altcoin season. Right now we're sitting around mid-30s range, which means we're still early if this trend holds.

What's interesting is how the altcoin season index moves in phases. You don't just jump from 30 to 75 overnight - there's usually this rotation where Bitcoin dominance peaks and then capital starts flowing into alts hunting for bigger returns. The recent uptick suggests some traders are testing the waters, but it's way too early to call it a confirmed shift. You'll want to watch if it can hold above 35 and push toward 40 over the next few weeks.

The thing is, not all altcoins are moving equally. Layer-1s like Avalanche and Polkadot are showing relative strength while DeFi is mixed. So even if the broad altcoin season index keeps rising, you still need to do your homework on individual projects. It's a useful signal, but it's not a buy everything ticket.