With Bitcoin still holding strong dominance, the TOTAL3 market cap movement is back in focus for crypto traders and investors. The latest charts show that the altcoin market cap — excluding Bitcoin and Ethereum — is at a critical phase that could determine the market direction in the coming weeks.
TOTAL3 represents the total value of all altcoins apart from BTC and ETH. Therefore, this indicator is often used to gauge the strength of the 'altseason'.
From the 4H candlestick chart, TOTAL3 is currently hovering around 736 billion USD after facing rejection from the resistance zone of 760–780 billion USD. Although it appears to be weakening in the short term, the market structure is actually starting to show signs of accumulation.