Altcoin Market Surges $371 Billion as Technical Breadth Hits 87%

This performance marks a stark reversal from summer conditions, when approximately 84% of the same assets languished below their long-term trend indicators. The breadth of this recovery has propelled the TOTAL2 index—which tracks crypto market value excluding Bitcoin but including Ethereum—to roughly $1.17 trillion. Complementing this growth, the TOTAL3 index, which excludes both major assets, has surpassed $810 billion.

Exchange activity has accelerated alongside these price gains. Binance recorded a seven-day average of 31,800 altcoin deposit transactions in mid-September, nearly quadrupling the July average of 8,300. While increased deposits often signal higher market participation, analysts remain cautious about the potential for incoming selling pressure as assets move to trading platforms.

Despite the bullish momentum, Darkfost points to emerging warning signs. A bearish divergence has appeared in the relative strength index for TOTAL2, where market capitalization continues to rise while momentum indicators fail to keep pace. The analyst suggests the market is entering a phase of "euphoria," characterized by rapid, broad-based gains that often precede more fragile conditions. With sentiment indicators recently brushing against extreme greed, the current trajectory is being monitored for signs of exhaustion.