According to cryptanalyst Michael van de Poppe, the restoration of bitcoin as a leader in the cryptocurrency market may contribute to the growth of altcoins and the beginning of the altcoin season. In particular, he stressed that the total market capitalization of cryptocurrencies, with the exception of bitcoin (BTC), exceeds $675 billion dollars, and this may signal continued growth to the level of $1 trillion or even $1.25 trillion in the next two to four months.

Recent events show that the altcoin market has successfully returned to the 200-week moving average (MA) and converted the resistance level of about $675 billion dollars into support, which became the starting point for further growth to the next resistance levels in the region of $1 trillion and $1.257 trillion.

Some altcoins are already showing a higher degree of strength and resilience compared to others, for example, Polygon (MATIC), which has demonstrated strong technical and fundamental indicators and is trading in the range between $1.25 and $1.50.

The largest altcoin by market capitalization, Ethereum (ETH), surpassed bitcoin for the first time since October 2022 and also registered an increase in activity in the derivatives market, which may indicate possible changes in capital flows, according to Glassnode.