About 70% of altcoins listed on Binance were trading below their 200-day moving averages by Nov. 7, according to CryptoQuant contributor Darkfost, marking a sharp reversal in market breadth. The altcoin market capitalization excluding Bitcoin and stablecoins rose by about $320 billion from mid-August through late September before falling by about $200 billion, erasing roughly two-thirds of those gains. At the beginning of October, about 90% of Binance-listed altcoins were above the long-term trend indicator, compared with 82% below it in mid-August. Darkfost attributed the decline to geopolitical tensions, interest-rate increases by major economies and political uncertainty tied to the U.S. midterm elections. Existing market pressures also included a broad equity sell-off, particularly in technology stocks; the Nasdaq fell 14% from its recent high.