Crypto Breadth Weakens as Bitcoin Lags DOT and NEAR
The crypto market has been experiencing significant fluctuations in recent days, with no clear trend emerging. Despite some improvements in participation, the overall breadth of the market remains weak, with a large share still occupied by Bitcoin.
As of Saturday's close, the total crypto market capitalization stood at around $2.644 trillion, slightly above Thursday's low but below last Sunday's reading near $2.708 trillion. The cap-weighted field shows a negative 2.4% return over the past seven days.
The top 100 breadth has been experiencing two flips this week, with the number of positive and negative names switching places several times. Currently, only 27 names are showing a positive return on the week, while 73 are negative.
Two altcoins, Polkadot (DOT) and NEAR, have been outperforming the market, with DOT up around 13 percentage points above the cleaned median and NEAR roughly 11 points above it. However, their distance from the field has narrowed since Friday's reading.