Crypto analyst Darkfost said the altcoin market has returned to a weak state, with roughly 70% of altcoins on Binance now trading below their 200-day moving averages. From mid-August through the end of September, the total altcoin market capitalization rose by about $320 billion. A subsequent pullback erased roughly $200 billion, or close to two-thirds of that earlier gain. Data cited by Darkfost shows that the share of Binance-listed altcoins below their 200-day moving averages fell from 82% in mid-August to about 10% in early October. That ratio has since climbed back to around 70%, close to the level seen before the market move began in August. Darkfost attributed the renewed weakness to macro policy, geopolitical tensions, uncertainty linked to the U.S. midterm elections and declines in U.S. equities, particularly technology stocks. He also said that similarly extreme market conditions have sometimes preceded a change in trend historically.
Crypto analyst Darkfost said on X that about 70% of altcoins on Binance have now fallen below their 200-day moving averages, putting the market back into a weak state.
From mid-August through the end of September, the total altcoin market capitalization grew by about $320 billion. A later pullback erased roughly $200 billion, equal to nearly two-thirds of the previous gain.
Share below the 200-day average rises again
Data shows that the percentage of Binance altcoins trading below their 200-day moving averages dropped from 82% in mid-August to about 10% in early October. It has since risen to around 70%, close to the level recorded before the market move began in August.
Darkfost said macro policy, geopolitical tensions, uncertainty surrounding the U.S. midterm elections and declines in U.S. stocks, especially technology shares, had collectively added to the weakness in the altcoin market. He also noted that similarly extreme market conditions have sometimes signaled a coming shift in trend in the past.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
