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Altcoins surge $215B as TOTAL2 reclaims $1T and BTC steadies
CryptoQuant says 56% of Binance-listed altcoins have reclaimed their 200-day moving averages, while Bitcoin dominance holds near 59.7% as traders rotate into non-BTC assets.
An altcoin rally added about $215 billion in market capitalization between Aug. 19 and Aug. 22, lifting the value of coins outside Bitcoin, referred to as TOTAL2, by more than 24% to above $1 trillion, according to CryptoQuant analyst Darkfost.
Darkfost found that 56% of Binance-listed altcoins have reclaimed their 200-day moving averages, a reversal from earlier months when 80% to 85% of tokens were below that trend line. He called it an early-stage altseason signal, though three days of gains of that magnitude already left the market short-term overbought.
By Aug. 23, the Altcoin Season Index stood at 49, below the 75 level commonly used to confirm a mature altseason. Bitcoin dominance was near 59.69%, indicating a rotation attempt into altcoins that still appears to be finding its footing.
Bitcoin rose over the same stretch from roughly $63,000 to nearly $80,000, which Glassnode linked to aggressive spot buying, stronger ETF inflows, and increased market activity. Glassnode said over $1.9 billion flowed into Bitcoin ETFs last week, the strongest stretch since Bitcoin last traded above $80,000, while its True Market Mean sits around $75,800 after Bitcoin reclaimed it.
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