In Q2, the altcoin capitalization (excluding ETH) increased by $126 billion, sparking interest among analysts about a potential altseason.
Growth of Altcoin Capitalization
The altcoin market cap, excluding Ethereum (ETH), soared by $126 billion in the second quarter, opening discussions among analysts about the potential for an altseason. Crypto analyst Javon Marks noted a breakout that could rival the explosive 2017 bull run.
Analyst Opinions
Despite the optimism, some analysts are taking a cautious approach. Technical analyst Crypto Scient explained that the recent rise in altcoin market cap has yet to reflect a bullish trend on higher time frames. He pointed out that the TOTAL2 trend remained bearish after hitting resistance at the $1.25 trillion level, stating, "I am inclined to believe that we are distributing." Anonymous trader Moustache also shared an analysis, highlighting a bullish reversal pattern, forecasting "much higher levels" for altcoins.
Altcoin Trading Volume
Data from CryptoQuant indicates that altcoin spot trading volumes remain subdued, averaging $3-$5 billion per day, compared to $8-$12 billion per day in Q4 2024. The Altcoin Season Index currently at 24 further supports this outlook, confirming Bitcoin's dominance in the market.
The growth in altcoin capitalization alongside the season index may signal the onset of an altseason, though there remains caution among analysts.
