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The altcoin market shows signs of a breakout after recent price fluctuations tested investor patience during Bitcoin’s surge to a new record high. Analysts see a bullish trend emerging for altcoins in the coming weeks.
The total cryptocurrency market cap, excluding Bitcoin, stands at $954 billion after briefly falling below the $970 billion support level twice in recent weeks. Some analysts interpret this movement as part of a larger bullish setup.
Technical analysis shows a wedge-shaped pattern in the altcoin market cap chart, often signaling an upward reversal. This structure, commonly referred to as a “descending broadening wedge,” is seen by many traders as a potential indicator of a bullish breakout. The market has maintained a trendline as support, which indicates continued buying interest despite recent turbulence.
A top crypto analyst known by the pseudonym Moustache commented on the pattern in a recent tweet, stating, “Market makers have tried to shake us out with two deviations.” He expressed optimism, noting that these shakeouts are often tactics used by larger players to test investor patience, with a potential breakout now on the horizon. “Whoever is still here deserves all the gains that will be made over the next few months,” he added.
The chart also indicates a critical resistance zone at $1 trillion, a level the altcoin market has struggled to surpass. Analysts suggest that breaching this threshold could confirm a breakout and trigger sustained altcoin rallies.
Altcoins Gain Momentum During Bitcoin’s Record Surge
The total cryptocurrency market cap currently stands at $2.43 trillion, reflecting a 6.03% increase over the past 24 hours. Bitcoin’s dominance sits at 59.28%, with a market cap of $1.46 trillion, while stablecoins represent $178 billion or 6.95% of the total market.
Today, Bitcoin reacted to news surrounding the U.S. elections, with pro-Bitcoin candidate Donald Trump leading, triggering a new all-time high of $75,360 before retracing to its current price of $73,515. Other altcoins have also benefited from this positive momentum, with Ethereum, Solana, and SUI showing gains of 7.51%, 14.23%, and 18.67%, respectively.
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