CryptoQuant analysts say altcoin market cap has shrunk by about $200 billion.

CryptoQuant analyst Darkfost noted that the altcoin market cap has evaporated by approximately $200 billion, driven by a sharp deterioration in macroeconomic and political conditions—including consecutive rate hikes by the Federal Reserve, the European Central Bank, and the Bank of England; heightened market uncertainty following the U.S. midterm election results; and a broad global equity selloff led by technology stocks (the Nasdaq index down 14% from its recent high). This pullback has nearly erased the $32 billion gain recorded between mid-August and late September—excluding Bitcoin and stablecoins. Notably, the distribution of altcoins on Binance relative to their 200-day moving average has undergone a dramatic reversal: in mid-August, 82% of altcoins traded below this moving average, but by early October that figure plunged to 10%, meaning nearly 90% had risen above it; currently, roughly 70% of Binance-listed altcoins have again fallen below the 200-day moving average.