Altcoin speculation has cooled from late September levels, according to the lead analyst at Glassnode, AntiFragile, who suggested the altcoin market could be preparing for a stronger rally in November and the final months of the year. Total spot trading volume for altcoins is now around three times Bitcoin’s volume, compared with nearly four times in late September, indicating that excessive speculative activity has eased and potentially creating a healthier entry point for buyers.
Technical Signals and Community Hype
Another analyst highlighted that TOTAL3, which measures the combined market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum, has reportedly reclaimed a long-term technical pattern and is nearing the end of a retest. If the breakout holds, it could signal renewed strength across smaller cryptocurrencies. Additionally, analyst Kevin on X noted that altcoin monthly momentum has turned positive for the first time since 2020, suggesting buying pressure might be returning.
Conditions for an Altseason
For these predictions to materialize, TOTAL3 must hold the $716 billion–$767 billion support zone to maintain the bullish structure. If it does, the market could move toward the $858 billion–$874 billion resistance zone, implying potential growth in altcoin market capitalization. However, if TOTAL3 falls below this support range on daily closes, altcoins could experience further declines or sideways trading before recovering.
Bitcoin’s Dominance and Mixed Indicators
The Altcoin Season Index stood at 64 at press time, indicating improving altcoin performance but remaining below the typical threshold of 75. Bitcoin dominance around 60.52% further indicates that Bitcoin still accounts for a substantial share of the overall crypto market, limiting evidence of a broad capital rotation into altcoins. This was echoed by AMBCrypto’s previous report, in which on-chain analyst Joao Wedson suggested that capital may be rotating back into Bitcoin and stablecoins.
Monthly spot crypto ETF flows showed significant outflows in October for Bitcoin, Ethereum, and other altcoins, suggesting overall institutional demand remains uncertain. Together, these indicators present a mixed picture.
Outlook
If Bitcoin stabilizes, dominance declines, and capital flows improve, altcoins could gain traction heading into November. However, continued ETF outflows or a Bitcoin price correction could delay the rally. This comes as Maelstrom CIO Arthur Hayes recently sold $22.28 million worth of altcoins, including 6,400 ETH worth $15.2 million, alongside ENA, UNI, ETHFI, AERO, and Zama.
