The TOTAL2 index, tracking the collective market capitalization of cryptocurrencies excluding Bitcoin, approaches its 2021 record high. This technical pattern signals a potential major altcoin rally reminiscent of the 2017 breakout cycle.
Market analysts observe similarities between the current TOTAL2 structure and the 2016-2017 setup. Both periods feature a distinct Wave 1 price advance followed by a corrective phase, creating conditions for significant upward momentum. The index recently formed a golden cross pattern and maintains a strong uptrend, strengthening the bullish case for alternative cryptocurrencies.
Should historical patterns repeat, the anticipated rally could surpass previous cycle peaks. Technical indicators show growing momentum for altcoins, suggesting the market may be nearing a decisive breakout comparable to the 2017 altcoin season, which saw exponential growth across multiple blockchain assets.