According to CryptoQuant analyst Darkfost, altcoin market value on Binance has declined by approximately $200 billion as of November 7, with around 70% of altcoins falling below their 200-day moving average. The decline reverses gains made between mid-August and late September, when altcoins (excluding Bitcoin and stablecoins) added $320 billion in market value. Deteriorating macro conditions, including central bank rate hikes and recent U.S. midterm election uncertainty, have weighed on risk assets, with Nasdaq down 14% from recent highs.

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