Darkfost2026-11-07

Altcoins shed $200B as 70% on Binance fall below the 200-DMA

The euphoria surrounding altcoins was short-lived. Between mid-August and the end of September, their market capitalization, excluding Bitcoin and stablecoins, rose by $320 billion. The subsequent correction has erased much of that gain. On Binance, the rebound extended across most altcoins. In mid-August, 82% were trading below their 200-day moving average. By early October, that share had fallen to just 10%. Nearly 90% of altcoins on the platform were therefore trading above that threshold, signaling a clear improvement in the trend. Since then, the macroeconomic and political backdrop has deteriorated. Geopolitical and trade tensions persist, while the Federal Reserve, the European Central Bank and, this week, the Bank of England have raised interest rates. The midterm election results, which saw the Democrats lose both chambers of Congress, added to the uncertainty. Equity markets sold off sharply, particularly in the technology sector, a decline Donald Trump attributed to the election results. The Nasdaq is now down 14% from its latest peak, compared with 6% for the S&P 500. Altcoins were also hit by the sell-off. Their market capitalization fell by approximately $200 billion, erasing nearly two-thirds of the gains recorded between August and September. On Binance, around 70% of altcoins are now trading below their 200-dma. That share is once again approaching 80%, reflecting widespread market weakness. The contrast with early October is stark. In just a few weeks, a broad rally has given way to a correction affecting most altcoins. Historically, such extremes have sometimes preceded a change in trend.