CryptoQuant analyst Darkfost has identified a shift in the altcoin market from a prolonged bearish phase to an early bullish phase. Between August 19 and 22, the total market cap of altcoins excluding Bitcoin and Ethereum increased by approximately $215 billion, a 24% jump in just three days, returning above the $1 trillion level. The proportion of Binance-listed altcoins trading above their 200-day moving average rose from 15-20% in November to 56% currently, confirming this bullish reversal. Donald Trump’s statements on August 19, expressing support for the U.S. to purchase substantial amounts of Bitcoin and his intent to end the war on crypto, coincided with this move. U.S.-listed crypto ETFs tracking altcoins attracted nearly $90 million in net inflows the week of August 21, led by XRP ($39.78 million), Solana ($28.34 million), and Chainlink ($13.35 million).
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