Key Insights:

• At least six of the top ten cryptocurrencies by market cap are trading above their 200-day moving averages, indicating a broader bullish trend.
• The 200-day Simple Moving Average (SMA) is a crucial indicator of long-term trends, and a rise above it indicates bullish momentum.
• The bull market appears to be expanding beyond select coins, reflecting rising investor confidence in the crypto space.

The bulls are making a noteworthy comeback, not just for Bitcoin (BTC at $102,531.25) but also for other cryptocurrencies. Latest metrics show at least six major coins (excluding stablecoins) trading above their respective 200-day SMAs.

This is a considerable improvement compared to late April when only XRP, BTC, and TRX were above the 200-day SMA, bolstering the notion that the bullish trend is gaining momentum across the market.

Currently, the following tokens are thriving: XRP, BTC, BNB, ADA, TRX, SUI, all comfortably exceeding their 200-day SMAs, indicating a bullish environment. In contrast, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK) are still lagging behind.

The 200-day SMA is widely recognized as a significant benchmark for gauging long-term momentum, with expectations of a sustained ascent viewed as bullish. The latest trends signify an expanding bull market and a growing confidence from investors.