Altcoins are on the verge of ‘most powerful rally’ since 2017
The altcoin market cap, excluding $ETH , has added $126 billion in Q2, sparking enthusiasm from analysts who have been waiting for an altseason. Crypto analyst Javon Marks noted a breakout that could rival the explosive 2017 bull run. 

In a recent post on X, Marks highlighted a chart comparing the TOTAL3 index (total market cap of altcoins excluding $BTC  and Ethereum) against the US money supply, suggesting that altcoins may be on the verge of a significant rally. 

A rise in TOTAL3 against the US money supply suggests that altcoins are gaining value relative to the total liquidity in the US economy, reflecting increased investor interest and capital inflow to altcoins. 

Likewise, anonymous crypto trader Moustache shared an analysis on X, highlighting a weekly inverse head-and-shoulders pattern in the TOTAL3 chart. Comparing 2021 and 2025, the chart mirrors the 2021 altcoin season when top altcoins surged 174% against Bitcoin’s 20% during the final leg. The pattern, a bullish reversal indicator, suggests a rally, with the analyst forecasting "much higher levels" for altcoins.
Altcoin spot trading volume is still under $10 billion

Data from CryptoQuant indicates that altcoin spot trading volumes remain subdued, averaging $3 billion-$5 billion/per day compared to $8 billion-$12 billion/per day in Q4 2024, indicating that altcoins are in the early stages of a rally. Despite these lower volumes, market observers see this as a precursor to significant growth, suggesting that altcoins have yet to reach their peak momentum.

The Altcoin Season Index, currently at 24, further supports this outlook by confirming that the market is in Bitcoin season, as noted by Blockchaincenter.net. Historically, an index below 25 indicates Bitcoin dominance, but this can be a positive setup for altcoins. When the index climbs above 30-40, altcoins often experience significant pumps, driven by capital rotation from Bitcoin.  #ETH #BTC