Crypto Surpasses Stocks on Market Breadth
Crypto markets are showing signs of health and resilience compared to the S&P 500, according to data shared by analyst Scott Melker on X. While the majority of S&P 500 constituents are trading below their 200-day moving averages, a significant number of top cryptocurrencies are above theirs.
Melker reported that 257 S&P 500 stocks were below their 200-day averages as of Wednesday, leaving roughly 49% of the index above that widely watched trend measure. This is described as a bearish market condition despite the index's proximity to record levels.
Crypto presents a different picture with 88 top-100 tokens above their 200-day simple moving averages, including Bitcoin and Ethereum. Most of these assets are also holding above their 50-day and 100-day averages, described by Melker as a 'clean, bullish configuration across the board.'