Current altcoin slump marks second-longest downturn since 2020

Eighty-four percent of altcoins listed on Binance are trading below their 200-week moving average (MA), signaling a prolonged downturn, cryptocurrency analyst Darkfost noted in a contribution to CryptoQuant. The total market capitalization of altcoins excluding Ethereum (TOTAL3) has remained bearish for eight months. This week, most altcoins have maintained a high correlation with Bitcoin's price movements. This extended slump in the altcoin market is pushing investors to their limits and marks the second-longest downturn since the 10-month bear market in 2020. Darkfost explained that while the market is currently in an overwhelmingly bearish trend, historically, such periods of stagnation have also presented opportunities.