Binance: 70% of altcoins fall below 200-day moving average; market cap evaporates by about $200 billion

TechFlow reported that on Nov. 8, CryptoQuant analyst Darkfost posted that excluding Bitcoin and stablecoins, the total market capitalization of altcoins once increased by $320 billion from mid-August to late September, and the subsequent pullback has given back about $200 billion, nearly erasing two-thirds of the rally. Binance's market breadth has reversed in tandem: in mid-August, 82% of altcoins were below the 200-day moving average; by early October, this proportion had fallen to 10%, meaning nearly 90% were above the moving average; currently, about 70% have again fallen below, and the proportion is once again approaching 80%. The analyst attributed the turn to deteriorating macro and political conditions: geopolitical and trade tensions persist, the Federal Reserve, the European Central Bank, and the Bank of England this week have all raised rates; midterm election results have added uncertainty, technology stocks led the decline, the Nasdaq has pulled back 14% from its recent high, and the S&P 500 has fallen 6%. He noted that historically, such extreme readings have sometimes preceded trend reversals.

Source: TechFlow