US President Donald Trump said on Aug. 19 that the US government plans to buy Bitcoin on a large scale and urged Congress to move forward with the CLARITY Act to build a regulatory framework for digital assets. According to Techub, the statement was followed by a sharp move in the altcoin market. CryptoQuant data showed that roughly $215 billion flowed into altcoins over the past 72 hours, while Total2, the measure of crypto market capitalization excluding Bitcoin, rose more than 24% and climbed back above $1 trillion.
Market breadth also improved. About 56% of altcoins listed on Binance have now reclaimed their 200-day moving average, a notable shift from the earlier condition in which 80% to 85% of those tokens were trading below that level. Even so, the Altcoin Season Index stood at 49, well below the threshold of 75 that is used to confirm an altseason. That suggests altcoins have not yet broadly outperformed Bitcoin. CryptoBriefing said analysts see room for more changes in market structure if Bitcoin dominance declines and regulatory follow-through arrives.
US President Donald Trump said on Aug. 19 that the US government plans to buy Bitcoin on a large scale and called on Congress to advance the CLARITY Act to establish a regulatory framework for digital assets, according to Techub.
CryptoQuant data showed that the move helped drive about $215 billion into the altcoin market over the past 72 hours. Total2, which tracks crypto market capitalization excluding Bitcoin, gained more than 24% and moved back above $1 trillion.
At the same time, about 56% of altcoins listed on Binance have recovered their 200-day moving average. That marks a clear improvement from the earlier situation, when 80% to 85% of those tokens were below the same level.
Still, the Altcoin Season Index was at 49, far below the threshold of 75 used to confirm an altseason. The reading indicates that altcoins have not yet broadly outperformed Bitcoin.
CryptoBriefing cited analysis saying the market structure could change further if Bitcoin dominance falls and regulatory action follows.
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