The cryptocurrency market is witnessing a significant shift in sentiment, with traders and analysts alike brimming with optimism as the altcoin market cap continues its upward trajectory and Bitcoin's dominance over the cryptocurrency sphere shows signs of loosening. This development has reignited speculations among crypto circles about the imminent onset of altseason, a period characterized by substantial value gains for altcoins other than Bitcoin.

The latest surge in total altcoin market capitalization, buoyed notably by Ether's impressive 27% gain over the past week, has sparked fervent discussions within the community about the potential for a resurgence in altseason. This surge, inclusive of Ether's rally, is now inching tantalizingly close to a pivotal resistance level, sparking fervent discussions within the community.

At present, the total altcoin market capitalization stands at a formidable $1.16 trillion, as reported by TradingView. Over the course of the last fortnight, this figure has seen a commendable 15% surge, approaching the resistance levels last witnessed in mid-March, when the market cap breached the $1.2 trillion mark.

The sentiment among traders reached a fever pitch on May 26, when 'Trader Tardigrade' shared insights with their extensive following, suggesting that the altcoin market could potentially witness an unprecedented surge, potentially tripling its total market capitalization, should it manage to break out from what they termed an "inverse head-and-shoulders pattern."

Echoing this sentiment, prominent trader and analyst 'Rekt Capital' observed on the same day that the altcoin market cap is poised to achieve its most significant weekly closure since early April 2024, adding fuel to the burgeoning optimism.

Further adding to the anticipation, technical analyst 'Yoddha' projected a bullish outlook in a post on X, hinting at the possibility of a monumental uptick in altcoin prices once the resistance levels are breached. Meanwhile, 'Moustache', a respected analyst within the community, shared a chart with their substantial following, underlining their belief that altseason is imminent.

Analyzing historical patterns, experts have noted that in previous cycles, movements in Bitcoin prices have often preceded those in Ether, followed by a subsequent surge in altcoin markets, as capital tends to cascade down into lower-cap coins. Highlighting this trend, Bitcoin's market dominance has seen a notable decline of 3.7% over the past fortnight, currently resting at 53.9%, serving as yet another indication of the growing strength of altcoin markets.

In a notable assessment shared on X on May 25, Michaël van de Poppe, founder of MN Trading, delved into the recent market correction, suggesting that while the overall correction hovered around 25%, altcoins experienced a more pronounced setback ranging between 50% to 70%.

Offering an ambitious projection for the ongoing cycle, van de Poppe speculated that the total market capitalization could surge to a staggering $15 trillion, representing a monumental 450% increase from its current levels of $2.7 trillion.

Amidst these fervent speculations, the total cryptocurrency capitalization has remained range-bound for the past three months, oscillating between $2.9 trillion in mid-March and hitting a correction low of $2.3 trillion on May 1, as per data from CoinGecko.