Tazmina Rashid
Research Analyst
Last Updated:
September 21, 2026
•
6 Minutes
Altcoins Analytics 21st September 2026
This week's edition of our Crypto Altcoins Analytics.
BTC & Altcoin Dominance
BTC Dominance
Figure 1. Bitcoin's market capitalisation as a share of the total crypto market capitalisation. Source: CoinGecko, Block Scholes.
Altcoin Dominance
Figure 2. Market capitalisation of altcoins, excluding BTC and stablecoins, as a share of the total crypto market capitalisation. Source: CoinGecko, Block Scholes.
Altcoin Season Gauge (90-day lookback)
Figure 3. Share of the top-50 altcoins (current constituents) whose trailing 90-day return beats BTC's; slow-moving by construction. Source: CoinGecko, Block Scholes.
Drawdown from all-time high: BTC + top-20 altcoins by market cap
Figure 4. Percentage drawdown from each asset's all-time high for BTC and the top-20 altcoins by market cap. Source: CoinGecko, Block Scholes.
Altcoins / BTC Spot Crosses
Altcoin spot prices denominated in BTC: ETH
Figure 5. ETH spot price denominated in BTC (the ETH/BTC cross). Source: CoinGecko, Block Scholes.
Altcoin spot prices denominated in BTC: SOL
Figure 6. SOL spot price denominated in BTC (the SOL/BTC cross). Source: CoinGecko, Block Scholes.
Altcoin spot prices denominated in BTC: XRP
Figure 7. XRP spot price denominated in BTC (the XRP/BTC cross). Source: CoinGecko, Block Scholes.
Altcoin spot prices denominated in BTC: BNB
Figure 8. BNB spot price denominated in BTC (the BNB/BTC cross). Source: CoinGecko, Block Scholes.
Altcoins performance vs BTC
Daily relative simple returns vs BTC
Figure 9. Daily simple return of each tracked altcoin minus BTC's daily return. Source: CoinGecko, Block Scholes.
Rolling 30-day correlation vs BTC
Figure 10. Rolling 30-day correlation of each altcoin's daily returns with BTC's. Source: CoinGecko, Block Scholes.
Rolling 30-day beta vs BTC
Figure 11. Rolling 30-day beta of each altcoin's daily returns to BTC's. Source: CoinGecko, Block Scholes.
Altcoin Performance vs BTC
Daily relative simple returns vs BTC: ETH
Figure 12. Daily simple return of ETH minus BTC's daily return. Source: CoinGecko, Block Scholes.
Daily relative simple returns vs BTC: SOL
Figure 13. Daily simple return of SOL minus BTC's daily return. Source: CoinGecko, Block Scholes.
Daily relative simple returns vs BTC: XRP
Figure 14. Daily simple return of XRP minus BTC's daily return. Source: CoinGecko, Block Scholes.
Daily relative simple returns vs BTC: BNB
Figure 15. Daily simple return of BNB minus BTC's daily return. Source: CoinGecko, Block Scholes.
ETF Flows: BTC, ETH & Altcoins
ETF Flows – Spot BTC ETFs were roughly flat over the past week (14th September–18th September), adding just $6.21M, which leaves their recovery from the 13th July low intact. Over the 48 trading days from that low they have taken in $4.31B, with net inflows on 31 of them, winning back about half of the $8.91B that flowed out between the 6th May peak and 13th July. ETH ETFs swung to net outflows of $140M over the same week, after $197M of inflows the week before.
ZEC joins the ETF charts this week: Grayscale's Zcash ETF (ZCSH) began trading on 25th August and has drawn $271M of net inflows to date, with net assets of about $915M as of 18th September. It also led altcoin ETF inflows over the past week at $98.2M, taking in money on all five trading days, ahead of SOL at $13.2M, XRP at $9.56M, HYPE at $3.06M and LINK at $2.62M. Smaller inflows went to AVAX ($972K), TRX ($491K), DOGE ($285K), LTC ($279K) and HBAR ($102K).
Adjusted for market cap, ZEC has the largest 20-day rolling net ETF inflow among altcoin ETFs, at around 1.45% of token market cap (as of 18th September), a window that spans the fund's entire trading history so far. Over the fund's life, ZEC's price has also rallied far more than any other coin in the ETF charts: it rose about 88% between 25th August and 18th September, against about 17% for HYPE, 14% for SOL, 5% for ETH and 2% for BTC.
ETF net flows: BTC, ETH & Altcoins (20-day rolling, % of market cap)
Figure 16. Net flows into spot BTC, ETH and altcoin ETFs, 20-day rolling sum as a percentage of each token's market cap. Source: SoSoValue, CoinGecko, Block Scholes.
ETF net flows: BTC, ETH & Altcoins (latest week, % of market cap)
Figure 17. Net flows into spot BTC, ETH and altcoin ETFs over the latest week, as a percentage of each token's market cap. Source: SoSoValue, CoinGecko, Block Scholes.
Regression-Based Valuation vs BTC
ETH Spot vs BTC Spot regression
Figure 18. ETH spot price against BTC spot price: daily closes coloured by month, latest day marked with a cross. Source: CoinGecko, Block Scholes.
SOL Spot vs BTC Spot regression
Figure 19. SOL spot price against BTC spot price: daily closes coloured by month, latest day marked with a cross. Source: CoinGecko, Block Scholes.
XRP Spot vs BTC Spot regression
Figure 20. XRP spot price against BTC spot price: daily closes coloured by month, latest day marked with a cross. Source: CoinGecko, Block Scholes.
BNB Spot vs BTC Spot regression
Figure 21. BNB spot price against BTC spot price: daily closes coloured by month, latest day marked with a cross. Source: CoinGecko, Block Scholes.
Free
PREMIUM
Institutional
Altcoins Analytics 21st September 2026
This week's edition of our Crypto Altcoins Analytics.
Free
PREMIUM
Institutional
BTC Climbed to Nearly $85K, Its Highest Level Since January
BTC rallied more than 6% on Friday and now trades near $85K, its highest level since January, even as 10-year Treasury yields hit 5% and markets price a 53% chance of another Fed hike. Fed's Kashkari and Schmid backed last week's hike, warning inflation has spread well beyond the oil shock, while the Bank of Japan lifted rates to 1.25% and a reported 'rate check' helped the yen pare its losses. In crypto, ZetaChain holders voted to shut down its Layer 1 and move ZETA to Solana, and Visa is closing a loophole that let memecoin card purchases be coded as digital media.
Free
PREMIUM
Institutional
The Bank of Japan Raised Rates to Their Highest Level Since 1995 in a Split 7-2 Vote
The Bank of Japan raised its policy rate by 25bp to around 1.25%, its highest level since 1995, in a split 7-2 vote, though the yen still fell 1.3% to 157.95 against the dollar. Sixteen of eighteen FOMC dots now sit at 4.1% or higher for end-2026, and markets price an 87% chance of another hike this year, while BTC climbed to $78.2K, its highest since 9 September. In crypto, S&P Global agreed to acquire smart-contract security firm OpenZeppelin, and the CFTC broadened no-action relief for developers routing users to regulated derivatives markets.