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The Altcoin Market Cap minus stablecoins has been in this range for the past 2+ years now.
It tested the support again at the start of the year and has since chopped around.
But there's been no strong bounce or relief across the entire altcoin sector just yet. It has mainly been getting carried by a select few names.
For this to properly bounce, you'd need more life out of the likes of $ETH and other majors.
$ETH
{spot}(ETHUSDT)