# Crypto Breadth Surpasses Stocks as Bitcoin, Ether Hold Above 200-Day Averages

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/23671
Published: 2026-09-24T10:36:17.000Z
Updated: 2026-09-24T10:36:17.000Z

Bitcoin (BTC) and Ether (ETH) were among 88 of the top 100 cryptocurrencies trading above their 200-day simple moving averages as of Wednesday, Sept. 23, showing broader participation than in the U.S. stock market.

The comparison comes as the S&P 500 remains near record highs, even though 257 of its stocks were below their 200-day averages. That left about 49% of the index above the widely watched long-term trend measure.

By contrast, 88% of the top 100 cryptocurrencies were above their 200-day averages. Most of those assets also traded above their 50-day and 100-day averages, indicating that the strength extended across multiple trend periods.

Market analyst Scott Melker described the combination as a “clean, bullish configuration across the board.”

The figures measure how many assets are trading above a moving average, not how far prices have risen. They also do not establish whether current gains will continue.

The gap between the two markets provides a snapshot of market breadth. In this context, breadth refers to the share of assets participating in a move rather than the performance of a single index or token.

The data also show why index-level strength can mask weaker participation underneath. The S&P 500’s proximity to record highs is being accompanied by fewer than half of its constituents remaining above the 200-day trend line, while the cryptocurrency ranking shows a larger majority above the comparable measure.