The total market value of altcoins is nearing its all-time high, mirroring the pattern of the last bull market: a breakout to new highs typically led to a sharp two- to three-month surge, followed by a peak and a drop in BTC's market share. However, the current economic backdrop differs significantly. The previous bull run was fueled by quantitative easing and low interest rates, creating abundant liquidity, with BTC trading at elevated levels, giving altcoins room to rally. Now, with quantitative tightening and neutral interest rates, BTC has seen a significant decline followed by a muted rebound, limiting the scope for altcoin gains.