Crypto Market Weakness Deepens as 75 of Top 100 Coins Fall Below Key Averages
The cryptocurrency market is showing growing signs of bearishness as the year-end approaches.
Data from TradingView reveals that 75 of the top 100 coins by market capitalization are trading below both their 50-day and 200-day simple moving averages (SMAs), a widely followed measure of momentum. The broad weakness follows bitcoin’s decline from a record high of over $126,000 in early October to around $87,000, highlighting continued capital outflows from the sector.
SMA crossovers are key indicators for traders, filtering short-term noise to reveal longer-term trends. Falling below both averages typically signals underperformance, often triggering accelerated selling. By comparison, only 29 Nasdaq 100 stocks are below their SMAs, highlighting tech equities’ relative resilience. Bitcoin’s correlation with the Nasdaq can further amplify bearish swings.
Major Coins Lead the Downtrend
Market leaders including bitcoin, ether (ETH$2,972.48), solana (SOL$127.94), BNB (BNB$847.03), and XRP (XRP$1.9279) are among the 75 coins below these key averages. Combined, they account for roughly 78% of crypto’s $3 trillion market cap, meaning weakness in top tokens is dragging the broader market lower.
These coins are also the most liquid and institutionally traded, forming the backbone of CME futures and spot ETFs. Broad-based weakness in these assets typically suppresses investor appetite for smaller, illiquid coins.
Oversold Coins Remain Few
Only eight top-100 coins—PI, APT, ALGO, FLARE, VET, JUP, IP, and KAIA—register as oversold on the 14-day relative strength index (RSI), which measures price momentum on a 0-100 scale. Readings below 30 indicate oversold conditions, suggesting potential consolidation or short-term rebounds, while levels above 80 signal overbought conditions.
The layered picture—widespread SMA breaches with few oversold coins—suggests most tokens still have room to fall before a meaningful recovery. Traders view this as a bearish confirmation pointing to further downside.
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