Altcoin market cap adds $215 billion, but altseason remains unconfirmed

The altcoin market cap added $215 billion between August 19 and 22. The gain exceeded 24% over three days. The increase pushed Total2 above $1 trillion. The rally followed President Donald Trump's August 19 White House meeting with crypto executives. Trump urged Congress to pass a fair version of the CLARITY Act. Trump said a sizable government Bitcoin purchase had been discussed. Bitcoin then rose above $70,000 for the first time since June. The global crypto market cap later fell 5.51% over the past 24 hours to $2.57 trillion. Analyst Darkfost said mid and small-cap altcoins led the advance. About 80% to 85% of Binance altcoins had traded below their 200-day moving averages during the dormancy phase that began in November. Darkfost said more than half of Binance altcoins were above their 200-day moving averages. Darkfost described the move as an early-stage altseason signal and said the market had become overbought. Bitcoin dominance stood at 59.69% on August 23, according to TradingView. Ash Crypto said a low-cap altseason historically requires Bitcoin dominance to fall below 58%. The Altcoin Season Index measures 49, which means fewer than half of the top-performing altcoins outperformed Bitcoin during the measured period. The index typically needs to reach 75 for a confirmed altseason. The Senate's September 15 procedural vote on the CLARITY Act is the next major catalyst mentioned.