Renewed hopes for an altseason have emerged as the altcoin market cap grows and Bitcoin dominance declines, sparking speculation among analysts and traders.

The cryptocurrency community is buzzing with anticipation as analysts speculate about the potential onset of altseason. This optimism follows a recent surge in the total market capitalization of altcoins, including Ether, which has seen a significant 27% gain over the past week.

Currently, the total altcoin market capitalization stands at approximately $1.16 trillion, according to TradingView. This marks a 15% increase over the past two weeks, bringing it close to the key resistance levels last seen in mid-March, when it peaked at $1.2 trillion.

On May 26, the popular analyst 'Trader Tardigrade' shared with his 50,000 followers on X that the altcoin market could potentially triple its total market cap if it manages to break out from an "inverse head-and-shoulders pattern." He added, "It is expected to breakout in a few weeks time according to this pattern."

Similarly, on the same day, trader and analyst 'Rekt Capital' noted that the altcoin market cap is on track to achieve its highest weekly close since early April 2024. Meanwhile, technical analyst 'Yoddha' predicted an "insane pump" in altcoins if they can break above the weekly resistance level, a sentiment echoed in his post on X.

Another analyst, 'Moustache,' shared a comparable chart with his 120,000 followers on X, stating, "Altseason is just around the corner." This growing consensus among analysts highlights a potential significant movement in the altcoin market.

Historically, market cycles have shown that Bitcoin often leads in price movements, followed by Ether, and then altcoins as capital flows into lower-cap coins. This pattern seems to be repeating, with Bitcoin's market dominance declining by 3.7% over the past two weeks, now standing at 53.9%, indicating a strengthening in altcoin markets.

In a post on X on May 25, MN Trading founder Michaël van de Poppe commented on the recent market correction, noting that while the market experienced a 25% correction, altcoins saw a more severe 50-70% correction. Van de Poppe predicted that this market cycle could see total market capitalization reach $15 trillion, a staggering 450% increase from the current levels of $2.7 trillion.

Total crypto market capitalization has been range-bound for the past three months, fluctuating between $2.9 trillion in mid-March and the correction low of $2.3 trillion on May 1, according to CoinGecko.

As the altcoin market approaches these critical resistance levels, traders and analysts are closely monitoring for a breakout, which could signal the beginning of a significant altseason, characterized by substantial gains across various altcoins.