Crypto Market Weakness Persists as Only 29 Top Altcoins Trade Above 50-Day SMA
Bitcoin has stabilized after its recent decline below $58,000, but the broader crypto market remains weak. Only 29 of the top 100 altcoins by market capitalization are trading above their 50-day simple moving average (SMA), a key gauge of short-term trend strength. This is in stark contrast to the Nasdaq 100, where 47 components have traded above the same threshold over the comparable period.
The crypto market's anemic supply-demand dynamics have been exacerbated by a double blow: a crash in South Korean equities and regulatory uncertainty in the United States. Bitcoin traded around $63,488 on the day, down roughly 2% over the prior 24 hours. Ethereum also failed to reclaim the $2,000 level, sliding to $1,880.
Analysts at Marex said that 'the only crypto-specific bullish catalyst has disappeared' with the Senate shelving the CLARITY Act, a bill designed to establish a market structure framework for digital assets. The legislative momentum that had been expected to catalyze institutional buying has effectively evaporated.