Crypto Market Splits as Only 29 Altcoins Keep Momentum

The cryptocurrency market continues to show mixed signals, with Bitcoin and Ether trading above their 50-day simple moving averages. However, only 29 of the top 100 cryptocurrencies by market capitalization are above this benchmark.

BTC has regained stability after a brief decline below $58,000 on July 1, but sentiment remains weak across altcoins. In contrast, Ether's stronger performance suggests that buying interest could spread to other cryptocurrencies.

The delay in the U.S. Senate's vote on the CLARITY Act has removed a catalyst expected to drive institutional buying, weakening the crypto market's internal momentum. As the Federal Reserve prepares to make its interest-rate decision on July 29, markets are watching for any potential impact on the dollar.