Bitcoin
Bitcoin and Ethereum break away from S&P 500, Gold
Cryptocurrencies Bitcoin and Ethereum redefine market dynamics, veering from S&P 500 trends. Will their surge continue or face a shift?
- S&P 500 trended above BTC and ETH briefly in the past week.
- BTC and ETH maintained their prices above $35,000 and $1,800.
During the past week, cryptocurrencies such as Bitcoin [BTC] and Ethereum [ETH] moved independently of the S&P 500 and Gold. Has this trend persisted into the new week, or has there been a change?
Read Bitcoin’s [BTC] Price Prediction 2023-24
S&P 500 trends above Bitcoin and Ethereum
In the past week, the S&P 500 experienced a significant increase, causing it to outperform Bitcoin and Ethereum. According to Santiment’s trend analysis, the S&P 500 gained over 6% in value within just four days.
? The #SP500 had a big week after #Bitcoin & #Ethereum have cooled down. With the sectors now each having their 'time in the sun', this next week will indicate whether #crypto is still tied to #equities, or whether assets can prepare for a #bullrun. https://t.co/R9moWBoqCx pic.twitter.com/FNddr1T8PM
— Santiment (@santimentfeed) November 4, 2023
As a result of this surge, stock prices surpassed the value of cryptocurrencies like BTC and ETH. It also seemed like these cryptocurrencies were stabilizing after a period of strong price growth.
The recent upswing in the S&P 500 could be attributed to the latest Federal Open Market Committee (FOMC) report. Notably, the report announced that the Federal Reserve would maintain its current interest rate for the second consecutive month.
This decision has sparked speculation that the Fed may have completed its interest rate hikes. Consequently, this led to a notable increase in stock prices observed during the past week.
BTC and ETH prices catch up with stock prices
As per a trend chart analyzed by AMBCrypto, Bitcoin and Ethereum had moved ahead of the S&P 500 in terms of their price trends. Despite the stock market being closed for the weekend, BTC and ETH had surpassed their previous positions.
It remained uncertain whether stock prices will resume their upward trajectory when the market reopens, but cryptocurrency prices continued to rise during this period.
Source: Santiment
Bitcoin and Ethereum maintain uptrends
On 4 November, the daily timeframe chart indicated that Bitcoin had closed the trading session with a notable price increase of over 1%. At the time of writing, it was still trading with a slight price rise, exceeding $35,000.
Despite occasional declines, Bitcoin managed to maintain its price within the $35,000 range. This was a key factor that contributed to its upward trend compared to the S&P 500.
Source: TradingView
How much are 1,10,100 ETHs worth today?
In addition, an examination of Ethereum’s daily timeframe chart revealed an even more impressive performance. As of press time, Ethereum was trading with a substantial price increase of over 2%, surpassing the $1,800 mark.
The chart also indicated that Ethereum had been consistently on an upward trend for several consecutive days.
Source: TradingView
