Altcoin Market Sees 45% Surge as 87% of Binance Coins Clear Key Threshold
The altcoin market has experienced a significant shift since August, with 87% of Binance-listed coins now trading above their 200-day moving average. This marks a notable change from just two months ago when only 20% of these coins were above this key threshold.
According to an analysis by CryptoQuant, the total market capitalization of altcoins has surged by over $371 billion since June, representing a 45% increase in just a few months. This growth in value is a clear reflection of the rally's momentum.
However, not everything points to sustained growth. Rising transfers to exchanges have been observed, with over 32,000 transactions recorded on Binance, Coinbase, and other platforms. While this activity can be seen as a sign of investor interest, it also raises concerns about potential selling pressure following the rally.
The relative strength index (RSI) is another indicator that suggests momentum may not be supporting the price rise with equal strength. The RSI has failed to keep pace with the rally, indicating a bearish divergence and adding to worries that the altcoin market could lose steam.