Cryptocurrencies are gaining momentum in the market, particularly in the realm of “altcoins,” as a bullish trend emerges. This surge is evidenced by the rise in total capitalization of cryptocurrencies excluding Bitcoin (BTC) and Ethereum (ETH), marking the beginning of an altseason.
By analyzing TradingView’s TOTAL3 crypto index, which combines the market caps of all cryptocurrencies except BTC and ETH, it is observed that altcoins are experiencing a robust uptrend, breaking free from a six-month decline. The index had encountered resistance levels but managed to surpass them on September 24.
While Bitcoin and Ethereum are grappling with their own downward trends, the emergence of an altseason appears imminent. This phase in the cryptocurrency market is characterized by mid and small-cap coins outperforming larger counterparts.
Despite the breakthrough in the TOTAL3 index, caution is advised as further validation is necessary to confirm the trend shift. Additional indicators, such as the approaching bullish golden cross between the 30-day and 180-day exponential moving averages, support the theory of an altseason.
Renowned analysts and experts also foresee an altseason on the horizon, emphasizing the potential opportunities for mid and small-cap coins. As this trend unfolds, maintaining a strategic investment approach becomes crucial to navigate the market’s volatility and capitalize on potential gains.