Analysis: Among the top 100 cryptocurrencies by market capitalization, 75 have fallen below the 50-day and 200-day moving averages.

PANews December 16 News, according to CoinDesk analysis, among the top 100 cryptocurrencies by market cap, 75 are below their 50-day and 200-day simple moving averages (SMA), indicating overall weakness in the digital asset market. Bitcoin’s price has fallen from a historical high of over $126,000 in early October to $87,000, driving market capital outflows. Major tokens such as Ethereum, Solana, BNB, and XRP are also below key moving averages, accounting for 78% of the $3 trillion crypto market cap, further dragging down market sentiment. In contrast, only 29 stocks in the Nasdaq 100 index show similar weakness, indicating that the tech sector still has market breadth. Bitcoin is usually closely correlated with Nasdaq movements, amplifying downward volatility during bear markets. Currently, only 8 cryptocurrencies, including PI, APT, ALGO, etc., are showing oversold conditions on the Relative Strength Index (RSI), suggesting that most tokens may still have room for further decline. Analysts believe this market performance may indicate that the crypto market will remain under pressure in the short term.