Global Macro Investor founder Raoul Pal has drawn attention to a key market indicator that suggests altcoins could be entering a major growth phase. In a recent post on X, the former Goldman Sachs executive pointed to the TOTAL3 market cap chart, highlighting that its current structure is impossible to ignore. You can't help but stare at this chart… Total market cap ex BTC and ETH. pic.twitter.com/Ip44qy1GwE — Raoul Pal (@RaoulGMI) September 9, 2025 Understanding the TOTAL3 Market Cap The TOTAL3 index measures the market capitalization of all cryptocurrencies except Bitcoin and Ethereum. By excluding the two largest digital assets, the index places XRP at the top of the altcoin category. At present, TOTAL3 is valued at $1.09 trillion, reflecting a 3% increase since the beginning of this week. Pal emphasized that the chart is approaching the resistance line of a large descending triangle, a pattern that has contained price action since TOTAL3 hit $1.13 trillion in November 2021. Previous attempts to break out, including one during December 2024 when the index touched $1.16 trillion, were unsuccessful. With the index once again nearing the same level, Pal believes the market could soon face a decisive moment. Historical Parallels to 2020 Breakout The optimism is partly based on market behaviour during 2020. At that time, TOTAL3 broke above a similar descending triangle structure, sparking a dramatic rise from roughly $65 billion to more than $1.1 trillion by late 2021. That move coincided with one of the most significant altcoin rallies in history, as funds rotated out of Bitcoin and Ethereum into smaller-cap assets, many of which reached new record highs. Pal suggested that a comparable breakout now could initiate another period of rapid expansion for altcoins, with XRP and other large-cap tokens positioned to lead. Bitcoin Dominance Weakens Another factor supporting this outlook is the decline in Bitcoin’s market share. After peaking near 66% in June, Bitcoin dominance has fallen by nearly 12%. The metric now sits at 58.20% and has logged three consecutive days of decline. This shift reflects growing investor interest in altcoins, particularly as Ethereum and other leading projects show renewed momentum. Analysts often view falling Bitcoin dominance as an early indicator of an “ altseason ”, where non-BTC assets outperform. Pal has previously compared the current environment to the 2017 cycle, pointing to both technical patterns and macroeconomic conditions, including the weakening U.S. dollar, as drivers that could fuel a similar outcome. We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 While Pal has not singled out many individual tokens, he has consistently noted his confidence in XRP’s potential. In August, he stated that XRP could achieve new highs once the broader market enters its next bullish phase. With TOTAL3 approaching critical resistance and Bitcoin’s share of the market slipping, conditions appear to be aligning with his projection. For now, the TOTAL3 chart remains the key metric to watch. A confirmed breakout above long-standing resistance could validate Pal’s bullish thesis and mark the beginning of a broader altcoin surge , with XRP expected to play a leading role. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Raoul Pal Says You Can’t Help But Gaze at This XRP-Led Global Crypto Chart appeared first on Times Tabloid .
