Talos data for September shows that the top 10 altcoins account for roughly 80% of the total altcoin market capitalization, up from about 70% at the end of 2024. September also saw a noticeable buying bias almost every day.

CoinMarketCap Index at 64 out of 100 — Below "Altseason" Threshold

The official CoinMarketCap index stands at 64 out of 100, higher than last week’s 48 but still below the 75 level considered the start of a new "altseason." According to Talos, capital is clustering around a smaller number of assets rather than rotating broadly into the "long tail."

Top Performers Over 30 Days: PONS, UNI, ARB, NEAR

In the past 30 days, meme coin launchpad PONS gained over 350%. In DeFi, Uniswap (UNI) rose by more than 110%, Arbitrum (ARB) by over 150%, and AI-focused NEAR by around 180%. Other notable gainers for the period include Bitcoin Layer-2 token LIT and meme coin launchpad token PUMP.

Zcash Hit a New High Above $1,600 Last Week

Privacy token Zcash climbed above $1,600 last week, marking a record for the asset. Among the 20 largest gainers for the week, only two were meme coins; in the most recent week, only Pudgy Penguins made the list.

Demand Concentrates on Revenue-Generating Protocols and Related Themes

According to Talos, the best results are seen in revenue-generating protocols, on-chain perpetuals, and DeFi projects — including HYPE, LIT, UNI, and MORPHO. Privacy-related assets ZEC, NEAR, and XMR, as well as AI-related tokens VVV and TAO, are also strong. There has been a surge in activity around meme coin launchpads PUMP and PONS; the Robinhood ecosystem and meme coin USELESS are also performing well.