Key Points

• The altcoin market capitalization, alongside Ethereum (ETH), is displaying indications of a potential surge, nearing a crucial resistance level.

• Market analysts are envisioning a potential altseason, tracking historical trends where Bitcoin's price surges were followed by Ethereum and subsequently by other altcoins.

Recent developments have triggered renewed speculation about the onset of an altseason, driven by a notable rise in total altcoin market capitalization, encompassing Ethereum (ETH).

Observers and experts in the crypto trading domain are closely monitoring altcoin movements, particularly noting a 27% uptick in Ethereum over the previous week.

The current aggregate market capitalization of altcoins stands at approximately $1.16 trillion, according to TradingView data.

This value has witnessed a 15% upsurge in the last two weeks, nearing the resistance levels seen in mid-March when it exceeded $1.2 trillion.

Altcoin Market Forecasts

Trader Tardigrade, on May 26, speculated to his 50,000 followers that the altcoin market could potentially triple its total market cap if it breaks out from an 'inverse head-and-shoulders pattern.'

This anticipated breakout is forecasted to materialize in the following weeks.

Another analyst, Rekt Capital, highlighted on the same day that the altcoin market cap is on track to achieve its highest weekly closure since early April 2024.

Technical analyst Yoddha also anticipates a significant surge in altcoins once they surpass the weekly resistance.

In line with these insights, Analyst Moustache, with a sizable following of 120,000, affirmed the imminent arrival of the altseason.

Historically, market movements have shown that Bitcoin typically leads, followed by Ethereum and subsequently by altcoins as capital flows towards lower-cap altcoins.

Over the past two weeks, Bitcoin's market dominance has decreased by 3.7% to 53.9%, indicating a strengthening altcoin market.

On May 25, MN Trading founder Michaël van de Poppe noted that the recent market correction, which amounted to about 25%, resulted in a 50-70% correction for altcoins.

His prediction for this phase suggests that the total market capitalization could reach $15 trillion, marking a 450% increase from the current $2.7 trillion levels.

According to CoinGecko, the total cryptocurrency capitalization has maintained a range over the past three months, oscillating between $2.9 trillion in mid-March and a low of $2.3 trillion on May 1.