Altcoins are back in the doldrums with most of this year’s gains being wiped out in a brutal November that saw more than a trillion dollars exit crypto markets. Analysts have been looking at the TOTAL3, or total market capitalization without Bitcoin and stablecoins, for signs of capital rotation.

‘Stockmoney Lizards’ said that altcoins feel dead, but money is actually rotating into stablecoins in preparation for altseason.

“Bitcoin dumps → Money to stables → Stables wait → Then rotate to alts. We’re in the waiting phase. Altseason (as much as I hate the term): loads from here.”

Market Cycle Not Over Yet

MN Fund founder Michaël van de Poppe echoed the sentiment, stating on Thursday that it is not the end of the bull market, “It’s the end of the bear market for altcoins.” He used the business cycle to illustrate when altcoins have historically rallied, adding:

“I do believe that we’re in a way longer cycle and that the classic Web 3 only 4-year cycle doesn’t exist. It’s a tremendously different cycle, and the opportunities are everywhere.”

This is the best visual representation of this cycle.

It’s not the end of the bull market.

It’s the end of the bear market for #Altcoins.

I keep saying that those current opportunities are massive financial opportunities that will only be granted one time in your lifetime.… pic.twitter.com/1YM4gW5sqQ

— Michaël van de Poppe (@CryptoMichNL) November 26, 2025

Meanwhile, analyst ‘Sykodelic’ also looked at TOTAL3, stating, “It honestly couldn’t look better here. I know this correction has been rough for holders.” They compared charts to the last cycle, noting “we’re in the exact same position before mega altcoin expansion,” and not at the end of the cycle yet.

Altcoin Recovery Slow

Altcoins have been slow to recover, with many of them dumping 50% or more during November. Nevertheless, most of them are in the green today as BTC ($91,495.00) reclaimed $91,000 and ETH ($3,027.28) topped $3,000.

Larger gains were seen for BNB ($892.33), up 3.6%, Hyperliquid (HYPE ($35.36)), up 5.9%, and Avalanche (AVAX ($14.95)), gaining 5% on the day. Additionally, the total market capitalization has increased to $3.2 trillion, but it still has a long way to go to return to its October levels.

“Every week, another indicator points to a MASSIVE ALTS RALLY. If it plays out, the biggest altseason will hit,” said analyst Alex Wacy, sharing the altcoins-to-Bitcoin ratio chart.

Something weird is brewing on this chart.

Every week another indicator points to a MASSIVE ALTS RALLY.

If it plays out, the biggest altseason will hit.

But at this rate… looks like we only get it in 2026. pic.twitter.com/m1axJOQ1zu

— AlΞx Wacy (@wacy_time1) November 26, 2025

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