Bitcoin is the frontrunner in the crypto market, while 36% of altcoins trade near their all-time lows. Do altcoin price metrics suggest an altseason is next?
Bitcoin’s (BTC) recent recovery above $71,000 suggests that the price bottom is officially in, and bullish momentum can be seen across the crypto market. TOTAL2, which tracks the market cap of all crypto assets excluding Bitcoin, has held support at its 200-week moving average, but is an altcoin season in the making?
The divergence between Bitcoin’s rally and the muted altcoin price action is beginning to draw attention to altseason indicators, raising the question of whether the broader market may soon follow BTC’s lead.
The TOTAL2 market cap peaked near $1.7 trillion in October 2025 but currently sits at $970 billion, a drawdown of roughly 43%. The decline accelerated in January after the market cap broke a three-year ascending trendline near $1.15 trillion.
