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Bitcoin and ether hold above 50-day averages, but altcoin breadth lags
Only 29 of the top 100 coins are trading above their 50-day averages, and CoinDesk links the weak breadth to upcoming Fed, inflation, and GDP catalysts plus a delay to the CLARITY Act.
Bitcoin and ether are under pressure but remain above their respective 50-day simple moving averages, a sign that the most recent stabilization after the June 1 selloff has not fully broken down, CoinDesk reported in its Daybook crypto market rundown.
Still, CoinDesk said the rally has not broadened across the altcoin market. Only 29 of the top 100 coins are trading above their 50-day averages, leaving breadth decisively bearish.
The outlet compared that picture with Nasdaq 100 breadth, noting that as of Monday, 47 stocks in the index traded above their respective 50-day SMAs. CoinDesk framed the gap as evidence the stability seen in bitcoin since the June selloff has stalled below levels that typically signal wider risk-on spillover.
CoinDesk also pointed to potential cross-asset drivers, including the Fed’s interest-rate decision due Wednesday and upcoming U.S. core PCE inflation and GDP data later this week. It added that the Senate has shelved the CLARITY Act, delaying a hoped-for institutional catalyst until later in the August period.
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