Share of tracked altcoins beating Bitcoin over the trailing 90 days
15 of 63 altcoins beat Bitcoin
Based on 63 cryptocurrencies PNL404 tracks (stablecoins excluded), not the broader market.
An altcoin counts as "outperforming" if its price return over the trailing ~90 days is higher than Bitcoin's over the same window. The index is the percentage of altcoins that cleared that bar: 75 or higher reads as altcoin season, 25 or lower as Bitcoin season. This tracks PNL404's own universe, not any single outside index, so it will not exactly match a reading computed over a different coin list.
See also Bitcoin dominance.