Crypto market breadth outpaces equities as top tokens hold above key moving averages

Cryptocurrency market breadth is significantly outpacing U.S. equities, with 88 of the top 100 digital assets trading above their 200-day simple moving averages as of September 23. Most top tokens, including Bitcoin and Ether, also hold positions above their 50-day and 100-day moving averages in a bullish technical setup. Meanwhile, the S&P 500 displays underlying weakness near record highs, as 257 constituents—over half the index—trade below their 200-day moving averages. Analysts note digital asset momentum is supported by steady ETF inflows, though lack of stablecoin supply growth remains a vulnerability.