Decoding Altcoin Season Signals: Total 2 Market Cap Consolidates as ETH Whales Buy the Dips
- Is Altcoin Season Brewing? Analyst CryptoELITES Judges Bottom Reached, Urges Holding Positions in April/May
- Total 2 (Altcoin Total Market Cap) Drops 42% from December High, Stubbornly Maintains Key Support Level of $906 Billion
- Analysts Say ETH/BTC Rate Needs to Strengthen to Trigger Broad Rally; On-Chain Data Shows Whales Quietly Accumulating ETH
The altcoin market, recently overshadowed by Bitcoin's brilliance, may be brewing a significant market movement known as the "Altcoin Season".
Analysts Assess Market May Have Bottomed, Urge Investors to Remain Patient
Crypto analyst CryptoELITES indicates the market may be forming a bottom and predicts a "significant market movement" is imminent. The analyst recommends traders hold positions in April and May, expecting Bitcoin's (BTC) dominance to "rapidly decline soon".
Total 2 Trend Chart: Consolidation Above Key Support Level After 42% Plunge
The total cryptocurrency market cap excluding Bitcoin (Total 2) shows an important technical pattern. Currently around $98.674 billion, it has rebounded from the key support level near $906 billion (0.786 Fibonacci retracement) and is now oscillating below the trillion-dollar mark.
The Relative Strength Index (RSI) remains neutral (around 49.34), suggesting potential for bidirectional market movement
Before this consolidation, the altcoin market cap had plunged 42% from its historical peak of $1.89 trillion in early December 2024. The market's previous heated sentiment was mainly driven by expectations of crypto-friendly policies from the Trump administration, but this speculation lost momentum after the election.
Ethereum/Bitcoin Exchange Rate Strengthening May Be Key Catalyst for Altcoin Rally
Analyst Daan Crypto Trades notes that for the altcoin market to launch a comprehensive rally, the Ethereum to Bitcoin (ETH/BTC) exchange rate may need to break through first. Since most altcoins are built on Ethereum or rely on ETH liquidity pools, Ethereum's strength often drives the entire altcoin market.
On-Chain Data Reveals Hidden Signals: Whales Quietly Accumulating ETH
On-chain monitoring data shows whales are continuously accumulating Ethereum "silently", with hundreds of millions of dollars quietly flowing into ETH positions. This accumulation may signal large capital's anticipation of market shifts.
While the market stage is set, confirmation of the true market movement still awaits two key signals: a decisive breakthrough in Total 2 market cap and a strong reversal in the ETH/BTC exchange rate.
