PiCK
Summary
- Darkfost said about 70% of altcoins listed on Binance are now trading below their 200-day moving average, signaling a bearish trend.
- He said the altcoin market capitalization excluding Bitcoin and stablecoins rose by about $320 billion and then fell by about $200 billion, erasing roughly two-thirds of the gains.
- Darkfost said geopolitical tensions, interest-rate hikes by major economies and political uncertainty tied to the U.S. midterm elections are behind the drop in altcoins.
Forecast Trend Report by Period
As the broader digital-asset market extends its decline, about 7 in 10 altcoins — cryptocurrencies other than Bitcoin — are now showing bearish momentum, according to an analysis.
Darkfost, a contributor to CryptoQuant, wrote on X on November 7 that about 70% of altcoins listed on Binance are trading below their 200-day moving average. The 200-day moving average is a key gauge of an asset's long-term price trend, and trading below it is generally viewed as a bearish signal.
At the beginning of October, about 90% of Binance-listed altcoins were still trading above their 200-day moving average, Darkfost said. But as the market contracted sharply, the number of altcoins in bearish territory surged.
Altcoin market capitalization has also fallen steeply. From mid-August to late September, the combined market value of altcoins excluding Bitcoin and stablecoins increased by about $320 billion. It then dropped by about $200 billion, wiping out roughly two-thirds of those gains.
Darkfost pointed to geopolitical tensions, interest-rate hikes by major economies and political uncertainty tied to the U.S. midterm elections as drivers of the decline.
Uk Jin
