- Bitcoin increased by 10% and Ethereum rose by 14.7% in the past week.
- BTC and ETH were trending over the S&P 500 at press time.
Bitcoin [BTC] and Ethereum [ETH] have displayed strong price performances in recent weeks, surpassing some previous all-time highs.
These upward trends in the prices of these crypto assets have caused them to diverge from the S&P 500. What implications could this have for the crypto assets?
Bitcoin and Ethereum trend above traditional assets
AMBCrypto’s analysis of Santiment showed that the crypto asset class, comprising Bitcoin and Ethereum, exhibited stronger growth than the S&P 500 in the past week.
There was a 10% increase for BTC, a 14.7% increase for ETH, and a modest 0.5% increase for the S&P 500. Thus, the crypto asset classes yielded a more positive return for the week.
Source: Santiment
Analyzing Bitcoin’s trend
AMBCrypto’s analysis of the daily timeframe trend of Bitcoin on the 8th of March showed a 2% increase, maintaining the $68,000 price range.
Notably, the significant aspect of the price trend on that day was a surge to the $70,000 price range during the trading session.
This marked the first time in over a year, instilling hope for a potential sustained rise to that level.
As of this writing, Bitcoin was trading around $68,450 with a less than 1% increase and continued to exhibit a strong bull trend.
Source: Trading View
Ethereum remains in a strong bull trend
AMBCrypto’s look at the price trend of Ethereum on the 8th of March, similar to Bitcoin, revealed a significant high point. Despite a slight increase of 0.42%, ETH tested the $4,000 price level on that day.
At the time of this 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.
Source: Trading View
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The current trends in the S&P 500, Bitcoin, and Ethereum suggest a lack of correlation between equities and crypto assets. This divergence raises the likelihood of a sustained bull market.
The ongoing bull trends in BTC and ETH over the past few weeks serve as an indicator that the market could potentially be transitioning into a full-fledged bull market soon.
