The bulls are back, and it’s not just for bitcoin BTC.
Latest data reveals that at least six of the other top 10 tokens by market value, excluding stablecoins, are now trading above their 200-day simple moving averages (SMA).
The 200-day SMA is widely seen by many, including Coinbase, as the barometer of long-term trends. A sustained move above the average is considered bullish momentum.
As of writing, XRP, BTC, BNB, ADA, TRX, SUI, traded comfortably above their respective 200-day SMAs, signaling a bull market. Meanwhile, ETH, SOL, DOGE and LINK remained below the average, data from TradingView show.
That’s an improvement from the end of April, when only XRP, BTC and TRX traded above their 200-day SMAS, and four weeks ago, when only XRP and TRX held above the average.
The data indicates the bull market is fast expanding beyond a select few coins to signal growing investor confidence.