According to Bijié Wǎng, the cryptocurrency market is showing strong bearish signals as 75 of the top 100 cryptocurrencies by market cap trade below both their 50-day and 200-day simple moving averages (SMA). This indicates widespread weakness in the digital asset market, with Bitcoin falling from its October high of $126,000 to $87,000. In contrast, only 29 stocks in the Nasdaq 100 index are trading below these averages, highlighting the stronger performance of the tech stock market. The decline in major coins like Bitcoin and Ethereum, which account for 78% of the $3 trillion crypto market cap, is dragging down the entire sector.
75 of Top 100 Cryptocurrencies Trade Below Key Averages, Signal Broad Market Weakness
币界网Share
Summary
Moving averages are flashing bearish signals as 75 of the top 100 cryptocurrencies trade below both their 50-day and 200-day levels. This broad weakness drags down the market, with Bitcoin dropping from $126,000 to $87,000. Top altcoins are also underperforming, with most failing to hold key support levels. In contrast, only 29 Nasdaq 100 stocks are trading below these averages. The decline in Bitcoin and Ethereum, which control 78% of the $3 trillion crypto market, is amplifying the sector’s downward pressure.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.