A New Wave of Interest in Altcoins is Observed in the Crypto Market

There are two months left until the end of 2026, and a new wave of expectations is emerging in the altcoin market. Leading Glassnode analyst AntiFragile believes that altcoins may be preparing for a stronger rally in November and the final months of the year.

According to him, speculation has cooled: the aggregate spot trading volume is now approximately three times that of Bitcoin, whereas at the end of September, the ratio was almost fourfold. This reduces excessive speculative activity and potentially creates a healthier entry point for buyers.

Another analyst noted that TOTAL3 – the aggregate capitalization of all cryptocurrencies except Bitcoin and Ethereum – has returned to a long-term technical pattern and is close to completing a retest. If the breakout holds, it could signal a new strengthening of smaller cryptocurrencies. User X with the nickname Kevin pointed out another bullish signal: the monthly momentum of altcoins has turned positive for the first time since 2020.

Conditions for the altcoin season

For the forecasts to come true, TOTAL3 must hold support at $716–767 billion. Then the market may move towards resistance at $858–874 billion. If TOTAL3 closes below support on the daily chart, altcoins may continue to decline or trade sideways.

The altcoin season index at 64 indicates an improvement in dynamics but remains below the typical threshold of 75. Bitcoin's dominance at about 60.52% shows that it still occupies a significant market share, and a broad capital rotation into altcoins is not confirmed. Earlier, analyst Joao Vedson suggested that capital might be returning to Bitcoin and stablecoins. October outflows from spot ETFs in Bitcoin, Ethereum, and altcoins indicate uncertainty in institutional demand.

The picture is mixed: if Bitcoin stabilizes, dominance decreases, and flows improve, altcoins could gain momentum by November. Continued outflows from ETFs or a Bitcoin correction could delay the rally. Separately, Maelstrom's investment director Arthur Hayes recently sold altcoins worth $22.28 million, including 6,400 ETH for $15.2 million, as well as ENA, UNI, ETHFI, AERO, and Zama.