Altcoins remain one of the weakest parts of the crypto market, with most Binance-listed tokens still trading below a key long-term trend line.
Summary
- Altcoins face broad technical weakness as 84% of Binance listings sit below 200-day averages.
- The eight-month slump ranks second-longest since 2020, behind the previous bear market drawdown cycle period.
- Current prices show limited rebounds, with Bitcoin near $59,464 and Ethereum near $1,588 today levels.
CryptoQuant analyst Darkfost said about 84% of altcoins available for spot trading on Binance now trade below their 200-day moving averages.
The 200-day moving average tracks an asset’s average price over roughly the past 200 trading days. Traders often use it to measure whether a market has long-term strength or weakness. Darkfost described the current setup as “total underperformance” across most altcoins listed on the exchange.
Altcoin slump becomes second-longest since 2020
The weak trend has lasted nearly eight months, making it the second-longest altcoin underperformance streak since 2020. Darkfost said the only longer period came during the previous bear market, when the same condition lasted about 10 months.
The analyst also said “every attempt at a momentum recovery has failed outright.” Total 3, a measure of the altcoin market excluding Ethereum, has also closed below its 200-day moving average on the weekly chart. That adds pressure because the weakness is not limited to small tokens.
Market prices show mixed moves
Crypto.news market data showed Bitcoin trading at $59,464, down 1.06% over 24 hours and 6.08% over seven days. Ethereum traded at $1,587.79, up 0.4% in 24 hours but down 7.22% over the week.
Some large altcoins showed small daily rebounds. Solana traded at $73.91, up 1.62% over 24 hours and 4.18% over seven days. Hyperliquid traded at $65.39, up 3.74% on the day, while Zcash traded at $398.97, up 3.81% over 24 hours but down 9.09% over seven days.
Bitcoin link remains strong
Darkfost said altcoins have stayed highly tied to Bitcoin’s price action during this cycle. That link matters because weak Bitcoin demand can limit altcoin rebounds, even when some tokens post short-term gains.
As previously reported by crypto.news, Darkfost recently flagged a rise in BTC flows into Binance after Bitcoin moved below $60,000. He said average monthly inflows into Binance doubled from 3,880 BTC to 7,600 BTC since April 13, creating possible sell-side pressure.
As reported by crypto.news, crypto search interest has also fallen to a one-year low. That report said retail attention is lower than during the 2022-2023 bear market, even though prices remain far above old cycle lows.
Selective buying becomes harder
Darkfost said long weak periods have “historically also presented medium-term opportunities.” He added that finding them now requires more careful asset selection than in earlier cycles.
That view fits the current split in the market. As reported by crypto.news, Hyperliquid and Zcash recently led parts of the altcoin market, but analysts warned that crowded sentiment and stretched indicators could raise pullback risk.