Altcoins are on the verge of ‘most powerful rally’ since 2017 — Analyst
The altcoin market cap, excluding Ether, increased by $126 billion in Q2, indicating potential for an altseason. Analyst Javon Marks noted a breakout that could mirror the 2017 bull run, with altcoins gaining value relative to the US money supply. Marks highlighted a bounce off a critical retest level, suggesting a powerful run ahead. Trader Moustache identified a bullish inverse head-and-shoulders pattern in the TOTAL3 chart, forecasting significant gains for altcoins. However, some analysts remain cautious, citing a lack of a higher time frame bullish trend and Bitcoin's dominance above 60%. Altcoin spot trading volumes are low, averaging $3-$5 billion daily, indicating early rally stages. The Altcoin Season Index is at 24, suggesting Bitcoin dominance but potential for altcoin growth as the index rises above 30-40. Optimism for an altcoin rally is increasing amid these indicators.
