Crypto Market Breadth Collapses as Volume Drops Third in a Day

The crypto market breadth has taken a sharp turn downward, with only seven assets advancing against 93 decliners in the QC 100 index. This is the narrowest breadth reading of the current rally, and it's accompanied by a significant drop in volume, which fell to $114.01 billion from $171.56 billion just a day earlier.

Bitcoin remains up 18.27% on the week, but its price has dropped by 1.74% today. The total market capitalization has slipped to $2.61 trillion. The decline in breadth and volume suggests that the forced buying phase may have ended, which could be a sign of a top forming.

The Metaverse sector was one of the few bright spots, rising 2.49%, while exchange tokens added 0.11%. However, every other tracked sector fell, with DeFi being the worst hit at minus 2.93%.