The altcoin market cap (excluding Ether) rose by $126 billion in Q2, raising hopes of an altseason. Analyst Javon Marks observed a potential breakout in the TOTAL3 index, which tracks altcoin market capital relative to the US money supply, indicating increased investor interest. Marks highlighted that recent movements suggest altcoins could experience one of their strongest rallies since 2017. However, some analysts, like Crypto Scient, are cautious, noting that the total market cap trends remain bearish, and significant changes in Bitcoin's dominance are necessary for altcoins to gain traction. Currently, altcoin spot trading volumes are low, averaging $3-$5 billion/day, which suggests an early stage of a rally. Additionally, the Altcoin Season Index indicates Bitcoin dominance persists, but a rise above certain thresholds could signal a shift to altcoins. The combination of low volumes and a bullish setup in altcoin patterns has sparked optimism among investors, despite caution from other analysts.

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