It’s been a rough stretch for altcoins. The price action has been slow, momentum has faded, and a lot of traders have already thrown in the towel.
With Bitcoin and Ethereum soaking up most of the attention, it’s easy to assume the rest of the market is done for this cycle. But when you zoom out and look at the TOTAL3 chart, the picture isn’t nearly as bad as it feels.
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What you'll learn 👉
Why TOTAL3 Still Matters Right Now
TOTAL3 tracks the total crypto market cap without Bitcoin and Ethereum, which makes it one of the cleanest ways to judge how altcoins are actually doing. Strip out BTC and ETH, and you’re left with the real risk-on part of the market.
What stands out on the chart is that despite all the recent weakness, TOTAL3 is still holding a major support level. This same zone has acted as both resistance and support multiple times over the past year, and once again, buyers are stepping in to defend it.
That alone doesn’t guarantee anything, but it does tell us the market isn’t falling apart yet.
The Higher-Low Structure Is Still Intact
One thing that stands out is the overall trend. Analyst Sjuul from AltCryptoGems shared a chart showing that, heading into 2024, TOTAL3 has been forming higher highs and higher lows.
Despite the recent setback, the price hasn’t fallen below the previous low. It should be noted that it is important to understand that the path of the total portfolio can be
That is important. As long as those higher lows keep rolling in, the big picture remains intact. This latest pull-back is more of a pause or a correction than it is a change in trend. It is ugly, it is painful, it is annoying, but it is still positive.
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What This Means for Altcoins From Here
This doesn’t mean altcoins are about to rip higher tomorrow. Momentum is weak, volume is light, and sentiment is cautious. But it does mean the door for another leg higher hasn’t closed.
As long as TOTAL3 holds this support zone, the possibility of another altcoin run stays alive. If that level breaks, the story changes fast. Until then, the chart is saying patience, not panic.
Right now, altcoins aren’t in a hype phase. They’re in a waiting phase. And historically, that’s usually when the next move starts to build, quietly, and without much excitement at all.
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