Altcoins are arguably the segment that has suffered most throughout this bear market. Every attempt at a momentum recovery has failed outright, and the Total 3, which tracks altcoin market capitalization excluding ETH, continues to slide, with a weekly close below the 200 DMA now confirmed.

This chart covers every altcoin available for spot trading on Binance, the exchange with the highest trading volumes globally.

As of today, approximately 84% of altcoins listed on Binance are in a state of total underperformance, trading below the key technical threshold of the 200-day moving average.

This has now been the case for nearly eight months.

This chart also shows that altcoins have remained highly correlated with Bitcoin's price action throughout this cycle.

A prolonged period of stagnation across the majority of altcoins, one that is pushing investors to their limits. That said, this marks the second longest underperformance streak since 2020. The only comparable episode occurred during the last bear market, where this dynamic lasted approximately ten months.

While this confirms the prevailing bearish trend, such periods have historically also presented medium-term opportunities, though today, identifying them demands significantly more rigorous asset selection than in previous cycles.

Written by Darkfost