Altcoin Market Sees First Major Breakout Attempt in Two Years

The altcoin market has seen a significant rally this week, with its capitalization rising by 12% according to TradingView's OTHERS index.

This move comes as Bitcoin climbs back above $77,000, despite the Federal Reserve's rate hike and the setback of the CLARITY Act in the Senate.

Ash Crypto points out that this rally is a potential breakout from an almost two-year downtrend, but notes that it's too early to call an altseason without a weekly close above the trendline.

The current advance has been strong, but it comes after a much longer period of weakness, and the sector remains well below its previous $451 billion high.