A path (cycle) in a $2$-edge-colored multigraph is alternating if no two consecutive edges have the same color. The problem of determining the existence of alternating Hamiltonian paths and cycles in $2$-edge-colored multigraphs is an $\mathcal{NP}$-complete problem and it has been studied by several authors. In Bang-Jensen and Gutin's book "Digraphs: Theory, Algorithms and Applications", it is devoted one chapter to survey the last results on this topic. Most results on the existence of alternating Hamiltonian paths and cycles concern on complete and bipartite complete multigraphs and a few ones on multigraphs with high monochromatic degrees or regular monochromatic subgraphs. In this work, we use a different approach imposing local conditions on the multigraphs and it is worthwhile to notice that the class of multigraphs we deal with is much larger than, and includes, complete multigraphs, and we provide a full characterization of this class. Given a $2$-edge-colored multigraph $G$, we say that $G$ is $2$-$\mathcal{M}$-closed (resp. $2$-$\mathcal{NM}$-closed)} if for every monochromatic (resp. non-monochromatic) $2$-path $P=(x_1, x_2, x_3)$, there exists an edge between $x_1$ and $x_3$. In this work we provide the following characterization: A $2$-$\mathcal{M}$-closed multigraph has an alternating Hamiltonian cycle if and only if it is color-connected and it has an alternating cycle factor. Furthermore, we construct an infinite family of $2$-$\mathcal{NM}$-closed graphs, color-connected, with an alternating cycle factor, and with no alternating Hamiltonian cycle.