Nearly 40 percent of altcoins are trading close to their all-time lows, according to fresh data shared by crypto analyst Darkfost, underscoring how brutal this stretch of the market has become for token projects.
A market stuck near the bottom
“That’s today’s stat, and it reflects the harsh reality facing all these projects that chose to launch a token,” Darkfost said, describing a chart built specifically to track altcoins trading below 25 percent of their all-time high.
The number is not static. Darkfost said the figure climbed to 45 percent when Bitcoin dropped below $60,000 in late June, showing how closely altcoin weakness tracks Bitcoin’s own moves.
He tied the underperformance to oversupply. CoinMarketCap counts 53.5 million cryptocurrencies, with 60,000 added daily now, according to Darkfost. “Without strong incoming liquidity, it’s easy to see why the majority of these cryptos are doomed to fail,” he said, adding that investors now need to stay highly selective.
Van de Poppe sees the opposite signal
Trader Michael van de Poppe is reading the same weak market differently. He said altcoins held up relatively well, calling it “the exact time to add more into my altcoin portfolio.”
Van de Poppe pointed to positioning data as his main evidence. Shorts, not longs, dominate Bitcoin’s current positioning now, he said, citing a heavily negative Coinbase premium and funding rate. That setup, he argued, means any recovery could move fast as short sellers are forced to buy back in.
He also compared current price action to the tail end of the 2022 bear market, when drawdowns became smaller and slower before the bottom formed. Onchain activity is already picking up, he said, pointing to Near reaching its highest activity since 2021 and rising usage on Solana.
He is watching Sui for a potential breakout and says a confirmed uptrend needs Bitcoin to clear $61,000 and post a higher high at $67,000.
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