The crypto market’s next direction has spent recent weeks in uncertainty, with Bitcoin trading below $112,000 and large market cap altcoins moving in unclear directions. Nonetheless, beneath the short-term swings, a major technical shift is quietly unfolding in the altcoin market.

According to analysis by crypto analyst CrypFlow, the total market capitalization of altcoins (excluding Bitcoin) has just completed its highest monthly close on record. This close could change the conversation around whether a new alt season is about to begin.

Breakout Beyond Previous Cycle Tops

Although August ended with many cryptocurrencies closing below their highs for that month, analysis of the altcoin market cap shows that the altcoin market managed to register its highest month

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