Since June, the total market capitalization of altcoins has increased by approximately $371 billion, or 45%. According to analyst Darkfost from CryptoQuant, the influx of funds into this segment has been the most noticeable since mid-last year. At the same time, the market structure has changed: in August, about 80% of altcoins on Binance were trading below their 200-day average price, whereas now only 13% of coins are at such a level. This rapid expansion of assets demonstrating growth relative to the long-term average is attributed by the analyst to a significant improvement in market sentiment.
Another change has been the activity of altcoin transfers to centralized exchanges. The average weekly number of such operations exceeded 22,700 on Binance, around 8,300 on Coinbase, and approximately 32,000 on other platforms. Comparable values, according to Darkfost, were last observed in October of last year. The increase in transfers may reflect some owners preparing to sell their assets, although it does not itself determine the future direction of the market. At the same time, the growth rate of the total market capitalization of altcoins has begun to slow down: over the past 30 days, the figure increased by approximately 12.5%, whereas at the beginning of September, the growth exceeded 32%.
Darkfost notes that the recorded figures do not indicate an immediate market reversal. The growth of the segment may continue; however, the combination of increased transfer activity and slowing capitalization growth indicates a change in market dynamics. Previously, analysts from Glassnode also noted the expansion of growth beyond Bitcoin and increased activity in other digital assets. Thus, the current picture includes both an increase in capitalization, a broader recovery of prices relative to 200-day averages, and a rise in the number of coin transfers to centralized platforms.
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