The altcoin market has added more than $371 billion in value since June 2026, while 87% of Binance-listed altcoins are now trading above their 200-day moving averages, according to CryptoQuant analyst Darkfost.
Darkfost reported on Sept. 27 that TOTAL2, which tracks the crypto market excluding Bitcoin but including Ethereum, has increased by about 45% since June. The analyst said the broad recovery shows strong momentum, although the market may now be entering a more fragile stage.
TradingView data puts TOTAL2 near $1.17 trillion. The index measures the combined market value of cryptocurrencies outside Bitcoin that are tracked by the platform.
The 200-day moving-average data shows how quickly market conditions have changed. Around 87% of Binance-listed altcoins are now above their 200-day averages, leaving only about 13% below the long-term trend.
The situation was almost the opposite in June. At that time, around 84% of Binance-listed altcoins were trading below their 200-day moving averages. The weakness had lasted for nearly eight months, making it one of the longest periods since 2020 in which most Binance altcoins remained below the indicator.
By Sept. 19, around 70% had already moved above their 200-day averages. The latest figure has now reached 87%.
A 200-day moving average is commonly used to measure an asset’s longer-term price trend. When a large number of cryptocurrencies move above it at the same time, it shows that the recovery has spread across a wide part of the market.
TOTAL2 has also grown significantly. Darkfost estimates that it has gained more than $371 billion since June, representing an increase of roughly 45%.
TOTAL3, which excludes both Bitcoin and Ethereum, is currently around $810 billion. Ethereum alone accounts for more than $330 billion of the broader crypto market value.
Trading activity has also increased. Darkfost previously reported that Binance was recording around 31,800 altcoin deposit transactions over a seven-day average, nearly four times the July average of about 8,300.
More deposits mean more tokens are moving onto exchanges, which can indicate increased market activity. However, deposits alone do not prove that traders are selling those assets.
Other exchanges also recorded higher activity, although at lower levels. Coinbase’s average increased from around 2,200 transactions to 4,700, while Bybit reached roughly 2,700.
The rise in altcoin activity has also been visible in derivatives markets. Earlier this month, altcoin perpetual-futures open interest moved above Bitcoin’s for the first time since December 2024. This showed increased leveraged trading in altcoins, but open interest alone does not show whether traders are expecting prices to rise or fall.
Despite the strong recovery, Darkfost is becoming more cautious. He said the current market structure is beginning to resemble a period of euphoria because of how quickly and broadly prices have recovered.
The analyst also pointed to a possible bearish divergence in TOTAL2’s relative strength index. In this situation, the market capitalization continues rising while the momentum indicator does not increase at the same pace. Darkfost views this as a sign that the strength of the rally could be starting to weaken.
Crypto market sentiment has also become more aggressive. Darkfost’s sentiment indicator previously moved above 89, reaching what he described as an extreme greed area before later easing.
Bitcoin has also remained strong during the altcoin recovery. By Sept. 26, Bitcoin was trading around $84,077, while the total crypto market capitalization was close to $2.98 trillion.
The latest data shows that the altcoin market has made a major recovery since June, with most Binance-listed tokens now above their long-term trend levels. At the same time, the rapid increase in market value, exchange activity and overall optimism is giving analysts reasons to watch whether the momentum can continue.
