The altcoin market cap, excluding Ether, surged by $126 billion in Q2, igniting speculation about an impending altseason. Analyst Javon Marks noted a possible breakout similar to the 2017 bull run, emphasizing a favorable trend shown in the TOTAL3 index compared to the US money supply. Marks indicated that this pattern might lead to a significant rally for altcoins. Meanwhile, trader Moustache highlighted an inverse head-and-shoulders pattern in the TOTAL3 chart, reminiscent of 2021, forecasting higher levels for altcoins. However, some analysts remain cautious, citing that the altcoin market's rise may not indicate a sustained bullish trend yet, as the TOTAL2 trend faced resistance. Crypto commentator DonaXBT suggested that altcoins need a decline in Bitcoin's dominance, currently over 60%, to see substantial movement. Spot trading volumes for altcoins have been lower than in late 2024, averaging $3-5 billion per day, but are seen as a sign of potential growth. The Altcoin Season Index remains low, indicating Bitcoin dominance but suggesting a setup for altcoins when it climbs above 30-40. Overall, enthusiasm is growing for an altcoin rally despite prevailing uncertainties.

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