Altcoin Market Cap Rallies 12% as Two-Year Downtrend Faces First Major Breakout Attempt

Key Insights:

• Altcoin market capitalization has risen 12% this week, with Ash Crypto pointing to a potential breakout from an almost two-year downtrend.
• The rally comes as Bitcoin climbs back above $77,000, despite the Fed’s rate hike and the CLARITY Act’s setback in the Senate.
• Ash Crypto says it’s too early to call an altseason; a weekly close above the trendline is needed, while failure could send the altcoin market cap back toward the $160B–$190B zone.

The altcoin market has climbed 11.52% over the past week, according to TradingView’s OTHERS index, bringing the latest move close to the 12% gain in the headline. The data add fresh weight to a Sept. 18 analysis from Ash Crypto, which said the broader alt market was finally attempting to break an almost two-year downtrend.

At the time of his post, he said the Alt market cap was up 10% for the week and described it as the first genuine breakout attempt in years.

Altcoin Market Approaches a Key Technical Test

TradingView’s OTHERS index tracks the combined market capitalization of the top 125 cryptocurrencies while excluding the top 10. Its latest figures show the altcoin market up 11.52% over one week, 38.22% over one month, and 29.05% over six months. Over one year, however, the index remains down 32.63%.