Altcoin Market Cap Falls About $200 Billion as Binance Breadth Weakens

Altcoin market capitalization has fallen about $200 billion as market breadth weakened, with 70% of Binance-listed altcoins below their 200-day averages.

Altcoin market capitalization excluding Bitcoin (BTC) and stablecoins increased $320 billion from mid-August through the end of September. The subsequent decline reversed nearly two-thirds of that gain.

The share of Binance-listed altcoins below the 200-day benchmark stood at 82% in mid-August, then reached 10% around early October, when nearly 90% were above it. That share has since climbed to about 70% and is approaching 80%, showing weakness across a broad portion of the tracked market.

The decline has unfolded amid rate increases by central banks in the United States, Europe and Britain, uncertainty around midterm election results, and falling stock prices, particularly among technology shares. The Nasdaq was 14% below a recent high.