Altcoin market capitalization has fallen by around $200 billion, while about 70% of altcoins on Binance have dropped below their 200-day moving average, according to CryptoQuant analyst Darkfost.

From mid-August to late September, altcoin market capitalization, excluding Bitcoin and stablecoins, rose by $320 billion. The subsequent correction erased nearly two-thirds of those gains.

In mid-August, 82% of altcoins on Binance were below their 200-day moving average. By early October, that figure had fallen to 10%, before climbing back to around 70%.

Darkfost points to a deteriorating macroeconomic and political environment, as central banks in the US, Europe, and the UK raise interest rates, midterm election results increase uncertainty, and stock markets fall sharply. The Nasdaq is down 14% from its recent peak.

According to Darkfost, similar extreme conditions have sometimes signaled a trend reversal in the past.

Source: https://tintucbitcoin.com/von-hoa-altcoin-giam-200-ty-usd-70-token-binance-duoi-ma-200-ngay/

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