On Binance, 70% of altcoins have dropped below their 200-day moving average, approaching levels seen before the August rally.

Crypto analyst Darkfost noted in a post that from mid-August to the end of September, altcoin market capitalization rose by approximately $320 billion, before a subsequent correction erased around $200 billion — nearly two-thirds of the earlier gain. On Binance, the proportion of altcoins trading below their 200-day moving average plummeted from 82% in mid-August to just 10% in early October (almost all altcoins were above the average), and has now rebounded to roughly 70% again, confirming the altcoin market has returned to an extremely weak state. Darkfost cited macroeconomic and political shifts as drivers of the rapid market cooling: interest rate hikes, geopolitical tensions, uncertainty stemming from midterm election results, and a sharp sell-off in U.S. equities (especially tech stocks), which weighed on altcoins. He also hinted that "such extreme conditions in history sometimes signal a potential trend reversal."