In a remarkable turn of events, Bitcoin and Ethereum have significantly outperformed the S&P 500 index in weekly returns, according to data from the on-chain analytics firm Santiment. This development has further solidified the narrative of cryptocurrencies decoupling from traditional equity markets.
As Bitcoin soared to a new all-time high of $70,199 on Coinbase, and Ethereum neared the $3,400 mark, Santiment tweeted: “Bitcoin and Ethereum have outperformed S&P 500 this week by returns significantly: BTC showed +10%, Ethereum printed an increase of +14.7%, while the aforementioned equities index showed only a +0.5% surge.”
The analytics team emphasized that “Bitcoin and Ethereum are currently facing ‘little to no correlation with equities,'” raising hopes among traders that this bullish trend will continue.
Bitcoin Current Price Rebound
While Bitcoin hit a new historic peak, Santiment noted that the percentage of social media discussions about BTC remains relatively high at 27.5% but far from the euphoric levels observed earlier. “This is a good sign as FOMO (fear of missing out) and greed are always top signals,” the tweet stated.
Another positive indicator Sentiment highlights is the reactivation of previously inactive Bitcoin wallets, a typical occurrence during bull markets. This suggests that Bitcoin’s upsurge is likely to continue until euphoria and stagnancy set in again.
Renowned cryptocurrency analyst and trader Ali Martinez shared insights into Bitcoin’s historical patterns, stating that it usually takes eight to eleven months to reach a new market top after establishing a new all-time high. Based on this analysis, the next BTC market top could be expected between November 2024 and February 2025.
As of this writing on March 9, 2024, BTC has bounced back by 2.58% from its ATH and is trading at $68,400, reinforcing the bullish sentiment surrounding the world’s largest cryptocurrency.
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