Altcoins have shed more than $200 billion in market value, giving back 62.5% of the $320 billion they gained between August and September; the decline reflects falling prices, not necessarily $200 billion in cash leaving crypto markets.

The broader crypto market fell 3.6% in a day to $2.53 trillion, with Bitcoin trading at $75,697 and Ethereum accounting for 10.7% of the market.

More than 70% of Binance-listed altcoins were trading below their 200-day averages, while Bitcoin remained above its own and its market dominance climbed to 60%.

That 70% figure counts Binance-listed coins equally, so low-volume tokens weigh as much as major assets, and the 200-day average can lag recent price movements.

Macroeconomic uncertainty, higher interest rates and declines in the Nasdaq and S&P 500 have added pressure to riskier crypto assets.

With Bitcoin dominance rising, Bitcoin yet to break out and little time left in 2026, the article says an altcoin season is unlikely before year-end.

A rotation toward altcoins would look more plausible if Bitcoin dominance fell below 59.5%, altcoins’ combined market value topped $1.01 trillion, and Bitcoin reclaimed and held its $81,889 50-day average.

If Bitcoin falls below its $73,194 200-day average, more altcoins could lose their long-term trend levels, potentially pushing an altcoin season into 2027.

The article contrasts today’s market with 2021, when Bitcoin made new highs before its dominance peaked and funds rotated into altcoins; Bitcoin is now about 40% below its October 6, 2025, all-time high of $126,080 and below its 20-day and 50-day averages.

Only a handful of top-50 altcoins gained through November 8: Pepe rose 2.4%, TRON 2.2%, Monero 1.4% and Zcash 1.3%, while Quant fell 1.3%; the article points to factors including privacy features, stablecoin traffic and meme momentum.

Individual tokens show a mixed picture: Ethena fell 28.9% over 30 days but stayed above its 200-day average, while Cardano dropped 26.3% over the month and 46.3% since the start of 2026, leaving it below its average.

One potential counterweight is growth in tokenized real-world assets on Solana, whose market reached a record $4.80 billion, including $3.70 billion in tokenized funds, $1.10 billion in tokenized stocks and $31.90 million in tokenized commodities.