Crypto News– In a recent post on X, Santiment has provided insights into the forthcoming week, which is poised to act as a litmus test to determine whether the cryptocurrency market remains closely correlated with the equities market or if digital assets are on the verge of a bull run. According to the post, the S&P 500 index experienced a strong week following a period of relative cooling in the cryptocurrency market, led by Bitcoin (BTC) and Ethereum (ETH).
BTC and ETH Could Establish Independence from the Equities Market in the Upcoming Week
During this time, the S&P 500 index surged by over 6% in the past four days, while the leading cryptocurrencies maintained a relatively stable trading pattern. The upcoming week holds the key to revealing whether the digital asset sector can break free from its close ties with the equities market. Santiment’s perspective is that if cryptocurrencies manage to assert their independence, this could potentially pave the way for the onset of a new bull cycle.
As of the most recent data from the cryptocurrency market tracking website CoinMarketCap, both ETH and BTC have posted 24-hour gains. BTC is currently changing hands at $34,941.48 after a 1.12% price increase, while ETH, the largest altcoin by market capitalization, recorded a 2.03% gain in the past 24 hours, bringing its price to $1,835.44.
These positive performances have also contributed to their respective weekly gains, with BTC showing a 2.30% increase over the past seven days, and ETH up by 2.55% for the same period. The upcoming week holds the potential for significant market developments, and it will be interesting to see whether cryptocurrencies can chart their course independently from traditional equities markets.
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