70% of altcoins on Binance have already fallen below their 200-day moving averages, nearing levels seen before the August rally.

On November 7, crypto analyst Darkfost noted: From mid-August to late September, the total market cap of altcoins surged by approximately $320 billion—only to sharply correct afterward, shedding nearly $200 billion, or roughly two-thirds of the prior gains. On Binance, the share of altcoins trading below their 200-day moving average plunged from 82% in mid-August to just 10% by early October—indicating near-universal breakouts above that key level. That figure has now rebounded to around 70%, underscoring a renewed broad-based weakness across the altcoin ecosystem. Darkfost attributes the market’s abrupt cooling to a confluence of macro and political factors: persistent Fed rate hikes, escalating geopolitical tensions, policy uncertainty following the U.S. midterm election results, and a sharp selloff in U.S. equities—especially tech stocks—that significantly weighed on risk-asset sentiment. He added: “Historically, such extreme price action has sometimes served as an early signal of a trend reversal.”