Analysts: Altseason Loading Despite November Crypto Crash

November 2025 proved devastating for cryptocurrency markets, with over a trillion dollars exiting the space and most of this year’s gains being erased in a brutal correction. Altcoins were particularly hard hit, with many experiencing losses of 50% or more during the month. However, analysts have been closely monitoring the TOTAL3 metric – which tracks total market capitalization excluding Bitcoin and stablecoins – for signs of underlying market dynamics.

Analyst ‘Stockmoney Lizards’ observed that while altcoins appear to be in the doldrums, capital is actually rotating into stablecoins in preparation for the next major move. The pattern follows a clear sequence: “Bitcoin dumps → Money to stables → Stables wait → Then rotate to alts.” According to this analysis, the market is currently in the waiting phase before capital flows back into alternative cryptocurrencies, setting the stage for what many refer to as ‘altseason.’

MN Fund founder Michaël van de Poppe echoed the optimistic sentiment, stating unequivocally that this is not the end of the bull market but rather “the end of the bear market for altcoins.” Using business cycle analysis to illustrate when altcoins have historically rallied, van de Poppe challenged conventional wisdom about cryptocurrency market cycles. “I do believe that we’re in a way longer cycle and that the classic Web 3 only 4-year cycle doesn’t exist,” he noted, adding that “the opportunities are everywhere” in the current environment.

Analyst ‘Sykodelic’ reinforced this perspective through technical analysis, examining TOTAL3 charts and comparing them to previous cycles. “It honestly couldn’t look better here,” Sykodelic stated, acknowledging that while the correction has been “rough for holders,” the market is in “the exact same position before mega altcoin expansion” seen in prior cycles. This historical parallel suggests that rather than being at the end of the market cycle, cryptocurrencies are positioned at the beginning of a significant expansion phase for alternative coins.

Despite the slow recovery pace for most altcoins, positive momentum began emerging as Bitcoin reclaimed the $91,000 level and Ethereum topped $3,000. Several major altcoins showed notable gains, with BNB rising 3.6%, Hyperliquid (HYPE) climbing 5.9%, and Avalanche (AVAX) gaining 5% in a single day. The total cryptocurrency market capitalization increased to $3.2 trillion, though it remains substantially below October’s peak levels.

Analyst Alex Wacy pointed to the altcoins-to-Bitcoin ratio chart as another indicator suggesting a massive rally could be imminent. “Every week, another indicator points to a MASSIVE ALTS RALLY,” Wacy observed. “If it plays out, the biggest altseason will hit.” However, the timing remains uncertain, with Wacy suggesting that based on current patterns, the major altcoin expansion might not materialize until 2026.

The consensus among analysts suggests that the current market conditions, while challenging for short-term holders, represent a critical accumulation phase. The rotation of capital into stablecoins, combined with historical cycle patterns and improving technical indicators, points toward a potentially significant altcoin rally. As the market continues to digest November’s losses, the foundation appears to be forming for what could become one of the most substantial altseasons in cryptocurrency history.