- S&P 500 outperformed leading cryptocurrencies Bitcoin and Ethereum last week as stocks surged upwards.
- The uptick came after the FOMC reported that the Federal Reserve wouldn’t increase interest rates.
- Santiment said the upward trend in the S&P 500 will show whether the crypto market follows performances in the stock market.
The S&P 500, an index that tracks the price performance of the 500 largest companies in the US, outperformed leading cryptocurrencies Bitcoin and Ethereum in the past week.
The upsurge in the index came following the Federal Open Market Committee’s (FOMC) report that the Federal Reserve wouldn’t raise interest rates. Consequently, stocks saw an upsurge in their prices, with the S&P 500 seeing an uphill climb and erasing previous losses.
According to Santiment data, the index gained nearly 6% in value in the past four days. With the steam of excitement now down, the index has seen a marginal 0.94% value add in the past 24 hours. Conversely, Bitcoin and Ethereum prices have slowed, recording marginal losses within the same period.
Despite the recent slowdown, Bitcoin and Ethereum prices continue to trail higher, holding price gains accumulated in previous weeks tightly. Data from CoinMarketCap shows that Bitcoin has remained relatively unchanged in the past seven days. However, Ethereum reported a 5% increase in the same period at the time of writing.
Furthermore, Santiment said that over the week, the S&P 500 upward surge will show whether crypto prices are still tied to the stock market. In addition, the data tracker noted that the outcome will indicate whether crypto assets can prepare for a bull run. So far, the crypto market and S&P 500 have taken different directions, with the crypto market cap in red at the time of writing.
Meanwhile, data shows gold prices have declined, recording a marginal 0.44% loss in the past 24 hours. However, in the last 30 days, the asset has added an 8% gain to its value. Compared to BTC’s 24.80% and ETH’s 15% gain in the same period, it shows gold continues to trail the crypto assets.
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