Altcoins Shed $200B as 70% of Binance Tokens Fall Below 200-DMA

The altcoin market has lost about $200 billion in value after a sharp correction erased much of its recent gains. 

In a November 6 post on X, Cryptoquant analyst Darkfost said around 70% of altcoins listed on Binance were trading below their 200-day moving average, highlighting the extent of the recent market decline.

🗞️ Altcoins shed $200B as 70% on Binance fall below the 200-dma

The euphoria surrounding altcoins was short-lived. Between mid-August and the end of September, their market capitalization, excluding Bitcoin and stablecoins, rose by $320 billion.

The subsequent correction has… pic.twitter.com/2yOgY82ZCA

— Darkfost (@Darkfost_Coc) November 7, 2026

The drop marks a sharp reversal from the recovery recorded between mid-August and the end of September. During that period, the total market value of altcoins, excluding Bitcoin and stablecoins, increased by approximately $320 billion. However, the latest sell-off has erased nearly two-thirds of those gains, leaving many cryptocurrencies struggling to hold their previous price levels.

Altcoins lose ground after October rally

Data from Binance shows how quickly the market moved from recovery to decline. In mid-August, about 82% of altcoins listed on the exchange were trading below their 200-day moving average. By early October, that figure had fallen to just 10%. This means nearly 90% of the altcoins were trading above their 200-day average, indicating a broad improvement in prices across the market.

However, the trend has since reversed. Following the latest sell-off, around 70% of Binance-listed altcoins have fallen below this level. Darkfost said the figure was approaching 80%, suggesting that the decline was affecting a growing number of cryptocurrencies.

The 200-day moving average, also called the 200-DMA, tracks the average price of an asset over the previous 200 days. Traders use it to assess longer-term price trends, with trading below the average generally indicating weaker momentum.

Economic and political uncertainty adds pressure

The latest decline comes amid increased uncertainty across global financial markets. Geopolitical and trade tensions remain, while the monetary policy decisions by the Federal Reserve, European Central Bank, and Bank of England remain in focus.

Political developments in the United States have also added to market uncertainty. The midterm election results saw Democrats win both chambers of Congress, creating another source of concern for investors.

Weakness has also spread to the stock market, particularly technology shares. According to Darkfost, the Nasdaq has fallen more than 10% from its latest peak, while the S&P 500 has recorded a smaller 6% decline. President Donald Trump attributed the stock market losses to the election results.

Binance security breach adds to crypto market concerns

The market decline also follows a major security breach at Binance on October 29. Attackers stole approximately $6.3 billion from the exchange’s hot wallets across ten blockchain networks. Binance temporarily suspended withdrawals before reopening them in stages. Bitcoin withdrawals resumed on November 1, followed by other networks after security checks.

https://t.co/pBJaht1UGV

— Binance (@binance) November 1, 2026

The exchange said it had restored backing for approximately 95% of the affected customer assets using its Secure Asset Fund for Users (SAFU), Futures Insurance Fund, and corporate treasury. However, this does not mean the exchange recovered 95% of the stolen funds. It means Binance replaced the affected customer assets with its own money.

Around $3 billion of the stolen assets remained frozen on-chain. The FBI also attributed the attack to North Korea on October 31, saying the attackers were mainly converting the stolen funds into Ether.

Although the available information does not establish that the Binance hack directly caused the altcoin sell-off, the incident added to concerns during an already difficult period for the crypto market.

The latest figures show how sharply market conditions have changed since early October. After a broad recovery pushed most altcoins above their 200-day average, the market has returned to widespread weakness.

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