๐๐๐๐๐๐ ๐๐ก๐๐ซ๐ญ(๐๐ฑ๐๐ฅ๐ฎ๐๐๐ฌ ๐๐ข๐ญ๐๐จ๐ข๐ง)
The Total2 chartโwhich tracks the market cap of all cryptocurrencies excluding Bitcoinโhas broken and closed above critical weekly resistance at $1.28 trillion, a move that signals renewed strength in the altcoin space.
Adding to the bullish outlook, price has also surpassed the 0.618 Fibonacci retracement level at $1.33 trillion, drawn from the December 2023 high to the April 2024 low and is currently peaking above the 0.786 level as well. With current levels holding at around $1.34 trillion, the market is showing clear signs that altcoins are now participating in the broader crypto rally.
Over the past few years, Bitcoin has often dominated the market narrative, leaving altcoins struggling to follow. In several cycles, Bitcoin would climb while altcoins lagged, or worse, dropped harder during corrections. This has tested the patience of long-term altcoin holders, especially those who have weathered the downturn since late 2021.
We must take into consideration that there are many more altcoins in the crypto space than there were back in the 2021 bull market, and although it may be a little too early to confirm a sustained altcoin bull run, the recent breakout above key structure levels is a strong signal that this time may indeed be different, with the 1.71T all-time high getting ever closer.