coindesk.com
The bulls are back, and it's not just for bitcoin $BTC$104,115.78.
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.