- The S&P 500, an index tracking the price performance of the largest 500 companies in the U.S., outperformed leading cryptocurrencies Bitcoin and Ethereum last week.
- According to Santiment data, the index gained nearly 6% in the last four days. While the excitement has slowed down at the moment, the index has seen a 0.94% increase in the last 24 hours.
- Santiment noted that the upward movement of the S&P 500 throughout the week will indicate whether crypto prices are still tied to the stock market.
S&P 500, an index that tracks the price performance of the 500 largest companies in the US, has outperformed Bitcoin and Ethereum: This week could be critical!
S&P 500 Outperforms Bitcoin and Ethereum
The S&P 500, an index tracking the price performance of the largest 500 companies in the U.S., outperformed leading cryptocurrencies Bitcoin and Ethereum last week. This increase came after the Federal Open Market Committee’s (FOMC) report that the Federal Reserve would not raise interest rates. As a result, there was an increase in stock prices, and the S&P 500 index recovered previous losses it experienced during its ups and downs.
According to Santiment data, the index gained nearly 6% in the last four days. While the excitement has slowed down at the moment, the index has seen a 0.94% increase in the last 24 hours. In contrast, Bitcoin and Ethereum prices have slowed and recorded small losses during the same period.
The recent slowdown and the gradually increasing prices of Bitcoin and Ethereum continue to hold the accumulated price increases tightly from previous weeks. According to data, Bitcoin has remained almost unchanged in the last seven days. However, at the time of writing, Ethereum has increased by 5% during the same period.
SP500’s movement will be important for the crypto market
Santiment stated that the movement of the S&P 500 throughout the week will be important for the crypto market. The data tracker also mentioned that the outcome will show whether crypto assets are preparing for a bull run. So far, the crypto market and the S&P 500 have moved in different directions, and at the time of writing, the crypto market value is showing a negative trend.
Meanwhile, data indicates that gold prices have fallen, showing a small loss of 0.44% in the last 24 hours. However, it has added an 8% increase to its value in the last 30 days. During the same period, compared to BTC’s 24.80% and ETH’s 15% gains, gold still lags behind cryptocurrency assets.
