In brief
- Market breadth has weakened as capital concentrates in high-liquidity, high-certainty assets like Bitcoin and Ethereum.
- Experts cite institutional ETF flows and a loss of patience with purely narrative-driven altcoins.
- Any future altcoin rally is expected to be highly selective, favoring tokens with real-world utility.
Bitcoin and Ethereum continue to capture investor interest, while the broader altcoin market struggles to keep pace, creating a divergence that experts believe is a result of the markets maturing.
While major assets like Ethereum, XRP, and Solana have notched double-digit year-to-date gains, the performance across the rest of the top 10 cryptocurrencies by market capitalization has been lackluster.
With the exception of BNB, which has reached multiple record highs this year, other tokens like Chainlink, Cardano, Sui, and Dogecoin have seen performance ranging from single-digit gains to double-digit losses for the year, according to CoinGecko data.
The percentage of coins trading above their 200-day moving average, often a barometer for an asset’s bullish or bearish slant, has fallen to approximately 55%, a notable decline from this year’s peak of 78%
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Author: Akash Girimath
