- Bitcoin rose 10% and Ethereum 14.7% last week.
- BTC and ETH were trending above the S&P 500 at the time of writing.
Bitcoin [BTC] and ether [ETH] have shown strong price performance in recent weeks, surpassing some previous record highs.
These upward trends in the prices of these crypto assets have caused them to diverge from the S&P 500. What impact could this have on the crypto assets?
Bitcoin and Ethereum trend above traditional assets
AMBCrypto’s analysis of Santiment showed that the crypto asset class, consisting of Bitcoin and Ethereum, showed stronger growth than the S&P 500 over 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. So the crypto asset classes delivered more positive returns for the week.
Source: Santiment
Analysis of the trend of Bitcoin
AMBCrypto’s analysis of Bitcoin’s daily trend on March 8 showed a 2% increase, maintaining the $68,000 price range.
Notably, the most important aspect of the price development on that day was a rise towards the $70,000 price range during the trading session.
This was the first time in more than a year, raising hopes of a potential sustainable rise to that level.
At the time of writing, Bitcoin was trading around $68,450, up less than 1%, and continuing to show a strong bull trend.
Source: trading view
Ethereum remains in a strong bull trend
AMBCrypto’s look at Ethereum’s March 8 price trend, similar to Bitcoin, revealed a significant high. Despite a slight increase of 0.42%, ETH tested the $4,000 price level that day.
At the time of writing, the stock was trading around $3,900, reflecting an increase of 0.7%.
Ethereum continued to maintain a strong bull trend at the time of writing, as evidenced by the Relative Strength Index.
Source: trading view
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Current trends in the S&P 500, Bitcoin and Ethereum suggest a lack of correlation between stocks and crypto assets. This difference increases the chance of a continued bull market.
The continued bull trends in BTC and ETH over the past few weeks serve as an indicator that the market could potentially transition into a full-fledged bull market soon.