Crypto Downtrend Deepens as 75 of Top 100 Coins Fall Below Key Averages
The cryptocurrency market is signaling increasing bearishness as the year-end approaches.
TradingView data shows that 75 of the top 100 coins by market capitalization are trading below both their 50-day and 200-day simple moving averages (SMAs), pointing to widespread weakness. Bitcoin’s drop from over $126,000 in early October to around $87,000 has contributed to capital outflows and dampened investor sentiment.
SMAs are widely tracked indicators that smooth out short-term volatility to reveal broader momentum trends. Falling below both averages often triggers intensified selling and accelerates declines. By contrast, only 29 Nasdaq 100 stocks are trading below their key averages, highlighting the relative strength of tech equities. Bitcoin’s correlation with the Nasdaq can further amplify losses during bearish phases.
Major Coins Drag Market Lower
Among the 75 coins below their SMAs are bitcoin, ether (ETH$2,972.48), solana (SOL$127.94), BNB (BNB$847.03), and XRP (XRP$1.9279), collectively representing about 78% of the $3 trillion crypto market. Weakness in these liquid, institutionally traded assets often weighs on investor appetite for smaller, less liquid tokens.
Oversold Coins Remain Limited
Only eight top-100 coins—PI, APT, ALGO, FLARE, VET, JUP, IP, and KAIA—are currently oversold on the 14-day relative strength index (RSI), which measures recent momentum on a 0–100 scale. Readings below 30 suggest oversold conditions, potentially signaling short-term consolidation or a bounce, while values above 80 indicate overbought conditions.
The combination of broad SMA breaches with few oversold coins suggests that most cryptocurrencies still have room to fall, confirming that bearish momentum remains firmly in place.
Share this content:
