Market Context: What the Total Altcoin Chart Tells Us

Let's look at the Total Crypto Market Cap excluding Bitcoin (TOTAL2) chart:

In the dynamic realm of cryptocurrency, keeping tabs on Bitcoin's price movements is undoubtedly crucial. However, to truly navigate the market effectively, expanding our focus to encompass the performance of other tokens is equally vital.

As Bitcoin attempts to break above the $140,000 level, a closer look at the Total Crypto Market Cap excluding Bitcoin (TOTAL2) on TradingView reveals some interesting observations.

Total Crypto Market Cap excluding BTC

After a period of consolidation, the Total2 chart shows signs of a potential bottom. A sustained bounce from this level could be the key indicator that altcoins are setting up for a move.

After a 10% weekly drop, several altcoins are now in the spotlight. A sustained bounce in TOTAL2 would be interesting to watch, especially for tokens like PYTH, IP, Sonic, IOTA, and EOS.

* PYTH Price (Pyth Network)

A leading oracle solution with major exchanges' backing, PYTH token has dropped 18.6% and is now sitting close to a long-term support zone. A reversal from here would be interesting to watch, especially if the broader DeFi sector shows signs of recovery.

* IP Price (Story Protocol)

Down 14.13%, this Web3 IP platform has been gaining attention. Still early-stage but has strong VC backing and is closely linked to the booming AI sector.

* S Price (Sonic, formerly Fantom)

The rebranding caused some confusion, and the token lost nearly 12%, but it remains one of the most efficient L1s. A bounce in Total2 would likely propel Sonic quickly.

* IOTA Price

Down 10.63%, this OG token has remained largely unnoticed. However, with new smart contract capabilities and its unique focus on the Internet of Things, IOTA presents a "sleeper" altcoin opportunity with massive upside potential.

* EOS Price

Despite long-term skepticism, EOS still holds a $1.1B market cap and dropped over 10% this week. The next altcoin rally might push it to reclaim $1.00+.

Altcoin pullbacks are a natural part of the market cycle. However, throughout crypto history, deep dips like these have often been followed by explosive rallies, especially when Bitcoin reaches a new all-time high.

With Bitcoin setting sights on $150K and XRP price predictions aiming for $3, the broader market is ripe for a rotation into altcoins. And these five tokens may be the early birds for the next major pump.