- S&P 500 trends versus Bitcoin.
- BTC is trying to recover as it is over $40,000.
The price of Bitcoin has risen in recent days [BTC] has been on a downward trend, falling below $40,000 at certain intervals. But how does this decline compare to other assets like Ethereum, the S&P 500, and gold?
The S&P 500 is outperforming Bitcoin
After the announcement of 11 spot ETFs, Bitcoin’s price trend has still not shown the same upward trajectory as before.
An investigation of Santiments The chart showed a decline in the price of BTC, with assets like Ethereum and the S&P 500 surpassing it.
Source: Santiment
Around January 13, just days after the ETF’s announcement, the price of BTC began to fall, and both ETH and the S&P 500 began to move higher.
ETH emerged as a notable gainer, reaching above the $2,600 price range and trending higher than stocks. However, on January 17, stocks gained momentum as ETH began to decline and BTC saw an even more significant drop.
When BTC dropped to the $41,000 price range, the S&P 500 had already started to rise above the crypto assets.
As of the last update, the S&P 500 was trading around $4,890, marking a new all-time high and outperforming all other asset classes analyzed. This suggests that stocks are outperforming cryptocurrencies and gold.
Furthermore, at the time of this report, BTC had staged a recovery and was trending above both ETH and gold, although it is still below stocks in terms of performance.
Bitcoin has the second highest increase this year
A detailed analysis of Bitcoin’s daily timeframe chart showed a notable recovery on January 26, after a period of decline.
The analysis shows that BTC had posted a significant gain of 4.6% at the close of trading on January 26. This was the second highest increase seen so far in the year.
Furthermore, this upward move successfully pushed BTC above the $41,000 price range after trading below $40,000 for several days. At this time, BTC was trading around $41,600, down slightly by less than 1%.
Source: trading view
How much are 1,10,100 BTCs worth today?
Daily active address decreases
An examination of Bitcoin’s daily active addresses showed a recent slowdown in activity in recent days. The chart shows that Bitcoin has only reached the 1 million active address milestone once in the current month.
If we compare this trend with the previous month, it becomes clear that the number of active addresses exceeded 1 million several times during that period. According to the current analysis, the number of active addresses was approximately 811,000.
Source: Santiment