Crypto News– In the past week, the S&P 500, which tracks the price performance of the 500 largest US companies, has outperformed leading cryptocurrencies Bitcoin and Ethereum.
Santiment Analysis: S&P 500 Takes the Lead Over BTC and ETH as Crypto Rally Decelerates
This surge in the S&P 500 came as a result of the Federal Open Market Committee’s (FOMC) report stating that the Federal Reserve would not be raising interest rates. Consequently, stock prices experienced an upswing, with the S&P 500 witnessing a significant increase, effectively erasing previous losses. According to data from Santiment, the index gained nearly 6% in value over the past four days. However, with the initial excitement waning, the index has seen a modest 0.94% increase in the past 24 hours. In contrast, Bitcoin and Ethereum have experienced a slowdown, recording slight losses during the same timeframe.
Despite this recent deceleration, Bitcoin and Ethereum prices have managed to hold on to the gains they accumulated in previous weeks. Data from CoinMarketCap indicates that Bitcoin’s price has remained relatively stable over the past seven days. Meanwhile, Ethereum has reported a 5% increase during the same period, as of the time of writing.
Furthermore, Santiment has suggested that the S&P 500’s upward trajectory over the week will provide insights into whether crypto prices are still closely tied to the stock market. Additionally, the data tracker pointed out that this outcome will serve as an indicator of whether crypto assets are poised for a bullish trend. As of the current moment, the crypto market and the S&P 500 have been heading in different directions, with the crypto market cap being in the red.
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