The altcoin market has added more than $371 billion in capitalization since June 2026 as 87% of Binance-listed altcoins climbed above their 200-day moving averages, according to CryptoQuant analyst Darkfost.
Darkfost reported on Sept. 27 that TOTAL2, which tracks cryptocurrency market capitalization excluding Bitcoin but including Ethereum, had risen about 45% over the period. The analyst described the breadth of the recovery as a sign of strong bullish momentum while warning that the market may be approaching a more fragile stage.
Current TradingView data places TOTAL2 near $1.17 trillion. The index covers the combined market value of cryptocurrencies outside Bitcoin among the assets tracked by TradingView.
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Altcoins have recently attracted a significant share of capital. Since June 2026, Total2, which represents altcoin market cap ($ETH included), has absorbed… pic.twitter.com/82fAcP8oCc
— Darkfost (@Darkfost_Coc) September 26, 2026
Altcoin rally reverses months of technical weakness
The 200-day moving-average data shows a sharp reversal from conditions seen only a few months ago.
Darkfost said roughly 87% of altcoins listed on Binance now trade above their respective 200-day moving averages. Only about 13% remain below the long-term trend indicator.
The figures were almost the reverse during the summer. About 84% of Binance-listed spot altcoins were trading below their 200-day moving averages, based on Darkfost’s CryptoQuant analysis.
At the time, the weakness had persisted for nearly eight months, making it the second-longest period since 2020 in which most Binance altcoins remained below the indicator. Bitcoin was trading near $59,464 and Ethereum around $1,588 when the June analysis was published.
By Sept. 19, the balance had already changed considerably. Darkfost reported that around 70% of Binance altcoins had moved back above their 200-day averages, while TOTAL3 — which excludes both Bitcoin and Ethereum — had crossed $800 billion for the first time in eight months.
The Sept. 27 reading raises that share to 87%, based on Darkfost’s latest calculation. The statistic describes market breadth across Binance-listed assets, not the percentage increase in individual token prices.
A 200-day moving average represents the average closing price of an asset over roughly 200 trading days. Traders commonly use the measure to assess whether an asset is trading above or below its longer-term price trend.
TOTAL2 has gained more than $371 billion since June
Capitalization data has moved alongside the improvement in individual altcoin trends.
Darkfost estimates that TOTAL2 has added more than $371 billion since June, representing a gain of around 45%. TOTAL2 includes Ethereum while excluding Bitcoin, making it one measure of how capital values assets outside the largest cryptocurrency.
TradingView currently puts TOTAL2 near $1.17 trillion. Its data shows the index up roughly 9.6% over the past week and more than 12% over the previous month.
TOTAL3, which removes both Bitcoin and Ethereum, is near $810 billion. TradingView defines TOTAL3 as the combined capitalization of its tracked cryptocurrencies excluding the two largest crypto assets.
The distinction is relevant because Ethereum contributes more than $330 billion to the current crypto market capitalization. TradingView’s total-market data puts $ETH’s market value near $334 billion, behind Bitcoin at approximately $1.73 trillion.
Crypto.news reported earlier this month that perpetual-futures open interest tied to altcoins exceeded Bitcoin open interest for the first time since December 2024. Coinalyze data showed Bitcoin represented roughly 37% of the tracked perpetual positions at the time.
The derivatives reading showed leveraged activity increasing as several altcoins rallied. It measures outstanding futures positions, however, and does not determine whether traders are collectively positioned for further gains or declines.
Binance activity rises with the altcoin recovery
Exchange activity has accelerated during the same period. Darkfost reported on Sept. 15 that Binance recorded a seven-day average of roughly 31,800 altcoin deposit transactions. The figure was nearly four times July’s average of approximately 8,300 transactions.
Binance inflows, Coinbase’s average increased from roughly 2,200 transactions to 4,700 while Bybit reached around 2,700.
The CryptoQuant metric counts deposit transactions sent to exchanges rather than their dollar value. More deposits can indicate increased market participation because tokens are moving onto trading platforms, but the metric does not establish that the assets were subsequently sold.
Darkfost said at the time that rising exchange activity “could be tied to selling pressure,” while noting that selling pressure had not reached an unusually high level in the data he was examining.
TOTAL3 had gained more than $136 billion during the period covered by that Sept. 15 analysis. The newer TOTAL2 calculation captures a longer period beginning in June and includes Ethereum, so the two figures measure different market groups and time windows.
Binance remains an important venue for assessing altcoin activity because of the large number of spot markets available on the exchange. The 87% moving-average reading is based specifically on Binance-listed altcoins and should not be treated as a measure of every token traded globally.
Darkfost sees warning signs after the rapid advance
Despite the recovery, Darkfost said the latest market structure is beginning to resemble a period of “euphoria.”
The analyst’s warning is based partly on the speed and breadth of the move. A market in which almost nine out of ten measured altcoins trade above their 200-day averages represents a sharp change from August, when roughly 80% remained below the indicator.
Separate reporting based on Darkfost’s Sept. 27 analysis said altcoin exchange deposits have reached levels last observed near October 2025. The analyst has treated the rise as a possible warning that more assets are becoming available for trading, though deposits alone cannot establish selling activity.
The same analysis identified a bearish divergence in TOTAL2’s relative strength index. Under that setup, market capitalization continues advancing while the momentum indicator fails to strengthen at the same pace. Darkfost interpreted the divergence as a warning that upward momentum could be losing force.
His caution follows an earlier change in crypto market sentiment. Darkfost sentiment indicator briefly climbed above 89, entering what the analyst described as an “extreme greed” range before easing.
Bitcoin has continued to rally during the altcoin recovery. BTC held above $84,000 after climbing roughly 45% from July levels, while Binance recorded its largest daily Bitcoin net outflow since 2023.
By Sept. 26, Bitcoin was trading near $84,077 while the total crypto market capitalization stood close to $2.98 trillion, according to CoinGecko figures cited by crypto.news. Quant, Ethena and Bitway were among the strongest weekly performers in the top 100 cryptocurrencies.
Darkfost’s latest assessment does not provide a specific date or price level for a reversal. His Sept. 27 analysis describes the 87% reading, the $371 billion increase and the developing momentum signals as conditions to monitor after the sharp altcoin recovery.