Altcoin Rally Looms as Bitcoin Bull Market Progresses

Altcoins have been under significant pressure in recent times, but a potential rally could be on the horizon. As Bitcoin's bull market progresses, altcoins may follow suit, leading to a significant rally. The Total2 chart, which tracks the market capitalization of all cryptocurrencies excluding Bitcoin, suggests that altcoins are clawing their way back above a strong horizontal support band, indicating a potential recommencement of the rally.

The OTHERS chart, which tracks the market capitalization of all cryptocurrencies excluding the top 10, also shows promising signs. The market cap fell to the deepest Fibonacci level but quickly stabilized above the 0.618 Fibonacci level. With a higher high already made and an almost certain higher low being put in, the next rally has the potential to go higher still, potentially taking out the previous bull market's all-time high.

The Stochastic RSI indicator on the Total2 chart shows that the indicator lines are bottoming, further suggesting that the bull market for altcoins is not over. As Bitcoin continues to drive the market, altcoins may benefit from increased investor interest and capital inflows, leading to a potential rally in the altcoin market.