Key Points
- Bitcoin and Ethereum have shown strong price performances, surpassing some previous all-time highs.
- The crypto assets have diverged from the S&P 500, suggesting a potential sustained bull market.
Bitcoin (BTC) and Ethereum (ETH) have recently demonstrated impressive price increases, exceeding some former record highs.
This upward trend in the prices of these digital assets has led them to diverge from the S&P 500. What could this mean for these cryptocurrencies?
Stronger Growth than the S&P 500
An analysis of Santiment revealed that the crypto asset class, comprising Bitcoin and Ethereum, showed stronger growth than the S&P 500 in the past week.
Bitcoin saw a 10% increase, Ethereum rose by 14.7%, while the S&P 500 only increased by a modest 0.5%. As such, the crypto assets provided a more positive return for the week.
The daily trend of Bitcoin on the 8th of March registered a 2% increase, holding the $68,000 price range.
Interestingly, the price surged to the $70,000 range during trading, marking the first time in over a year, and instilling hope for a potential sustained rise to that level.
At the time of writing, Bitcoin was trading around $68,450 with a less than 1% increase and continued to show a strong bull trend.
Ethereum’s High Point
The price trend of Ethereum on the 8th of March, much like Bitcoin, revealed a significant high point.
Despite a slight increase of 0.42%, Ethereum tested the $4,000 price level.
At the time of writing, it was trading at around $3,900, reflecting a 0.7% increase.
Ethereum continued to maintain a strong bull trend at press time, as indicated by its Relative Strength Index.
The current trends in the S&P 500, Bitcoin, and Ethereum suggest a lack of correlation between equities and crypto assets.
This divergence increases the possibility of a sustained bull market.
The ongoing bull trends in Bitcoin and Ethereum over the past few weeks could indicate that the market might be transitioning into a full-fledged bull market soon.
