Bitcoin’s recent resurgence above $71,000 suggests that the market might have hit rock bottom, with positive trends emerging across the cryptocurrency landscape. The TOTAL2 metric, indicative of the market cap excluding Bitcoin, remains firm near its long-term support level, but could we be on the brink of an altseason?

TOTAL2 Remains Close to Key Support

The TOTAL2 market cap achieved a peak of around $1.7 trillion back in October 2025 but has since fallen to approximately $970 billion, reflecting a drop of about 43%. Following a breakout of a three-year upward trendline near $1.15 trillion earlier this year, the focus is now on the higher timeframe support where TOTAL2 is trading close to its 200-week moving average near the $900 billion mark.

Weekly TOTAL2 market cap chart. Source: Cointelegraph/TradingView

The daily chart indicates a consolidation pattern occurring below the former upward trend and the resistance zone of $1.1 trillion to $1.25 trillion, which has seen substantial liquidity previously.

Altcoins Near Historical Lows

Data from CryptoQuant indicates that approximately 36.8% of altcoins are trading close to their lifetime lows, specifically when excluding Bitcoin, Ether, and stablecoins. This trend highlights a concentration of capital in larger cryptocurrencies.

Percentage of altcoins near ATL. Source: CryptoQuant

Statistics reveal that the average altcoin is presently trading 44.4% below its 200-day simple moving average (SMA), indicating signs of a significant downturn in the market.

Future Prospects

In light of this, questions arise about the potential for the altcoin market to rally soon. Market analysts speculate that while Bitcoin leads, future altcoin cycles may not equally benefit all cryptocurrencies, rather favoring those with stronger use-cases and adoption.

This article serves to provide insights without any investment recommendations, emphasizing the importance of thorough research in the fast-evolving crypto market.