The altcoin market capitalization excluding Bitcoin and Ethereum faced a technical rejection at its all-time high this week, according to trader Michael van de Poppe. He expects one more dip before the market breaks resistance and moves into new record territory.
According to a chart on X, the total crypto market cap, excluding Bitcoin and Ethereum, stands at $1.05 trillion. The market tested resistance near $1.1 trillion, marking the same level as its all-time high, but failed to break through.
“This provides a clear rejection at the ATH,” van de Poppe said, adding that he expects “one more pushback before it will break through the resistance and start printing massively new ATHs.”
Accordingly, he suggested the ongoing pullback offers an opportunity for dip buying.
The chart highlighted key support zones to watch. The first is near $935 billion, while a deeper support level lies around $783 billion, which the analyst considers vital for maintaining market structure.
TradingView data shows that altcoin capitalization has rallied strongly since late 2023, rising from below $400 billion to over $1 trillion in less than two years. Despite the current rejection, the market remains in an uptrend on higher timeframes.
With Q4 2025 just around the corner, analysts are speculating about signs of a major price rally, as the total market cap excluding Bitcoin has bounced back from $1.49 trillion, a key historical support level.
Favorable macroeconomic conditions, including US inflation below 2% and recent Fed rate cuts, combined with potential approval of 16 altcoin ETFs, could boost institutional interest.
Notably, the Altcoin Season Index is at 76, indicating strong outperformance of altcoins compared to Bitcoin. The current season just started, following 81 days since the last Bitcoin-dominated period, and the top 50 altcoins have largely outperformed Bitcoin over the past 90 days.
Historically, altcoin seasons last an of 16 days, with previous streaks extending over 100 days.
, such as Crypto Gem Carl Moon, are particularly bullish on Altcoin Season, forecasting that it will start in the first week of November.
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