Crypto Market Breadth Exceeds S&P 500 as Most Top Tokens Hold Above Key Trend Line
The cryptocurrency market is showing stronger technical health compared to the S&P 500 index. According to data from analyst Scott Melker, only around 49% of S&P 500 companies are trading above their 200-day moving averages as of Wednesday.
This represents a stark contrast to the crypto market, where 88 of the top 100 cryptocurrencies by market capitalization are holding above their 200-day simple moving averages. Bitcoin and Ethereum, two of the largest digital assets, are also included in this group.
Furthermore, most of these 88 cryptocurrencies are also above their 50-day and 100-day moving averages, indicating that medium-term trends are well-supported across the digital asset space.
Melker characterized the setup as a 'clean, bullish configuration across the board.' He highlighted that while crypto prices remain far from previous peaks, the strong breadth in the market is a positive sign.