Altcoin market endures 13 straight months of net selling

The altcoin market is struggling under 13 consecutive months of selling pressure, BeInCrypto reported, citing a CryptoQuant report. The cumulative buy-sell delta for altcoins, excluding Bitcoin and Ethereum, has reached negative $209 billion over the past 13 months, its worst level in five years. According to the report, analysts view the current downturn as distinct from the 2022 bear market, noting a complete absence of buying pressure on major spot exchanges. While the total altcoin market capitalization (TOTAL2) has fallen below the $1 trillion mark seen five years ago, the number of altcoins has surged approximately 70-fold from 430,000 to 31.8 million during the same period. The technical structure for altcoins outside the top 10 cryptocurrencies shows a head and shoulders pattern, suggesting that any temporary rallies are more likely to be followed by new lows than a sustained recovery.