Altcoin market cap tops $1T as Trump comments boost sentiment

$215 billion flowed into the altcoin market from Aug. 19 to 22, pushing total altcoin market capitalization above $1 trillion, according to on-chain analyst Darkfost. Darkfost said 56% of altcoins listed on Binance, the world’s largest cryptocurrency exchange, are trading above their 200-day moving averages, which signals the market may be entering a new phase. The reversal came after a series of comments by U.S. President Donald Trump on Aug. 19, when Trump said the United States is considering large-scale BTC purchases at the national level and urged Congress to pass the CLARITY crypto regulatory bill. Darkfost added that the market has entered overbought territory, so a short-term pullback remains possible, but said there is no need to rush and more investment opportunities could emerge if the current momentum stays strong.