The total market capitalization of altcoins, excluding Bitcoin and Ether (TOTAL3), must rise by about 16% from its current $962.78 billion to hit the $1.13 trillion mark.
The total market capitalization of altcoins, excluding Bitcoin and Ether (TOTAL3), must rise by about 16% from its current $962.78 billion to hit the $1.13 trillion mark—the level that would trigger what traders refer to as the "euphoria" phase, which could lead to significant price surges for altcoins. As of writing, the market has increased by 91.45% since January, but until TOTAL3 surpasses its 2021 all-time high, volatility is expected to continue. A range of $840 billion to $1.1 trillion is likely where the market will remain, according to pseudonymous trader Daan Crypto Trades.
The overall crypto market has been more volatile recently, with traders adopting shorter-term strategies, often monitoring hourly charts to time their entries and exits. This approach has slowed the breakout momentum for many tokens, as noted by Daniel Cheung, co-founder of Syncracy Capital. Despite this volatility, some altcoins are showing resilience. Over the past week, several tokens have experienced impressive gains. AI16Z surged by 109%, Bitget Token (BGB) rose by 77.1%, Virtuals Protocol (VIRTUAL) climbed 49.4%, and Pudgy Penguins (PENGU) saw a 31.3% increase, according to CoinMarketCap data.
With Bitcoin’s dominance nearing 60%, traders are beginning to shift their focus towards altcoins, believing they offer better risk-reward opportunities than Bitcoin, whose price has stalled in recent days. Pseudonymous trader Dyme suggested that the time for dollar-cost averaging into Bitcoin is over, at least for now, advocating instead for a shift to altcoin investments.
The growing optimism in altcoins is reflected in the increased market activity, particularly as traders anticipate that surpassing the $1.13 trillion threshold will mark the beginning of a transformative period for altcoins. If TOTAL3 does break through this critical level, it could signal the start of a major rally in the altcoin market. The market’s direction will depend largely on this breakthrough, and traders are watching closely for signs that the euphoria phase could soon begin.
The current market dynamics suggest that while altcoins are gaining attention, the broader crypto market remains cautious, with high levels of volatility keeping traders on alert. As the year draws to a close, all eyes are on the key levels of TOTAL3, with expectations building for a potential shift in the market’s focus toward altcoins.
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