84% of Binance Altcoins Remain Below 200-Day Average

The cryptocurrency market is experiencing a prolonged period of weakness for alternative digital assets, with a majority of altcoins now enduring their second-longest stretch of underperformance since 2020, according to recent analysis. Data indicates that approximately 84% of altcoins listed for spot trading on the Binance exchange are currently trading below their 200-day moving average, a key technical indicator of long-term market health.

This period of broad stagnation has persisted for nearly eight months, a duration only exceeded by a 10-month phase during the previous bear market. An analyst from CryptoQuant, Darkfost, described the situation as "total underperformance" across most altcoins, noting that every attempt at a momentum recovery has failed. The Total3 index, which tracks the market capitalization of cryptocurrencies excluding Bitcoin and Ethereum, has also recorded a weekly close below its own 200-day moving average, underscoring the widespread nature of the slump.

The weakness is linked to a continued strong correlation between altcoin prices and Bitcoin's performance. Unlike some previous market cycles, a weakening Bitcoin price has not prompted a rotation...