Altcoin market gauges break long downtrend, signaling possible altcoin season

Major altcoin market indicators have broken out of declines lasting more than a year, signaling the market may be entering a bullish phase, cryptocurrency analyst Matthew Hyland said in an analysis on X. Hyland said TOTAL2, which tracks altcoin market capitalization, TOTAL3, which excludes BTC and ETH, and an altcoin market-cap gauge excluding the top 10 cryptocurrencies by market value have all moved above downtrends that had lasted for more than a year. If past patterns repeat, Hyland said, the market may be approaching a major altcoin bull run, with upside that could surpass the 2020-2021 cycle.