Cryptocurrency analyst Matthew Hyland said on September 7 that several major altcoin market gauges have broken out of downtrends lasting more than a year, potentially setting the stage for what he called “the largest altcoin bull run of all time.” The indicators include ETH, Total 2, Total 3 and OTHERS, all of which have formed higher highs after extended declines. Total 2 tracks altcoins excluding Bitcoin, Total 3 excludes Bitcoin and Ethereum, and OTHERS focuses on tokens outside the top 10.
Hyland noted that the current setup resembles past cycles, adding that a new altcoin rally could be “much larger than 2020-2021.” He pointed to the OTHERS.D/SPX ratio, which compares the dominance of cryptocurrencies outside the top 10 with the S&P 500. That ratio has fallen for years since the 2017-2018 ICO peak and is now near the lower end of its long decline, while an oscillator has moved into oversold territory around 20-30, compared with an overbought reading near 80 in 2017. The analyst cautioned that the breakout alone does not prove a lasting bull trend, and altcoins would need to hold current levels and create new highs.
Market activity has already picked up. Altcoin perpetual futures open interest overtook Bitcoin’s for the first time since December 2024, according to Coinalyze. The combined market capitalization of altcoins outside the top 10 reached $213 billion, up nearly 12% since the start of September. Zcash was among the standout movers, rising above $1,200 — up 370% from its early-June low — with its market cap exceeding $20 billion and moving ahead of Hyperliquid and Dogecoin at the time. Dogecoin climbed 12% from its Friday low to $0.094, while BNB approached $780, its highest level since early February. However, leverage is also building quickly: Zcash perpetual futures open interest reached $2.7 billion, and the move above $1,200 triggered about $24 million in liquidations, including more than $17 million in shorts. Hyland sees the broadening altcoin strength as evidence that the market could be entering a much larger altcoin phase, while the rising leverage keeps the risk of a sharp correction elevated.
