- The altcoin market capitalization sits above $879 billion and is positioned for a potential move toward its prior peak near $1.2 trillion.
- Total3, which excludes Bitcoin (BTC) and Ether (ETH), is holding key support around $784 billion and is approaching its 365-day moving average, according to a post by Michaël van de Poppe.
- The Total3 market cap reached an all-time high near $1.2 trillion in October, then fell after a historic crash that cut the altcoin market by about 33% in one day.
- Market structure shifted in 2025: Bitcoin closed its yearly candle red in a post-halving year, challenging the four-year cycle theory that previously underpinned altseason rotations.
- The token supply has surged — with over 29 million coins tracked on CoinMarketCap — and the arrival of crypto exchange-traded funds (ETFs) has created liquidity siloes that limited capital rotation into altcoins.
Michaël van de Poppe says the altcoin sector, valued at more than $879 billion at the time of this writing, could begin another leg up toward its previous high near $1.2 trillion. According to his post, the Total3 market cap has stayed near critical support at about $784 billion and is edging back toward its 365-day moving average.
The Total3 measure tracks the combined value of tokens excluding Bitcoin (BTC) and Ether (ETH). It reached almost $1.2 trillion in October before a sudden market crash trimmed the altcoin market by roughly 33% in one day, prompting a swift retracement.
Investors and analysts are assessing whether a renewed altseason will occur after a muted 2025. That year saw Bitcoin close its yearly candle red in a post-halving year, a result that calls into question the four-year cycle theory that once guided capital rotations into higher-risk tokens.
Market participants also point to token proliferation and structural changes. More than 29 million cryptocurrencies are now listed and tracked on CoinMarketCap, increasing competition for investor capital. Meanwhile, the introduction of crypto exchange-traded funds (ETFs) has created liquidity pockets that can keep funds from circulating freely into altcoins, reducing the traditional drivers of altseason.
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