Altcoins Surge by $215 Billion as Market Reaches $1 Trillion
The altcoin market has seen significant gains over the past three days, adding $215 billion in market capitalization and pushing its combined value above $1 trillion.
CryptoQuant analyst Darkfost notes that 56% of Binance-listed altcoins have reclaimed their 200-day moving averages, a sharp reversal from the months when 80-85% traded below that line.
This marks an early-stage altseason signal, but the market is also showing signs of being short-term overbought.
Despite this, Darkfost remains cautious, pointing out that three days of gains this large have already left the market in a precarious position.
The altcoin rally still appears to be a rotation from Bitcoin, with the Altcoin Season Index sitting at 49 and Bitcoin dominance holding near 59.69%.