The recent upswing in the S&P 500 can be attributed to the latest Federal Open Market Committee (FOMC) report, where the Federal Reserve announced its decision to maintain the current interest rate for the second consecutive month. This sparked speculation that the Fed may have completed its interest rate hikes and led to the notable increase in stock prices.
An analysis by AMBCrypto revealed that bitcoin and ethereum had moved ahead of the S&P 500 in terms of their price trends. Despite the stock market being closed for the weekend, BTC and ETH surpassed their previous positions.
It remains uncertain whether stock prices will continue their upward trajectory when the market reopens, but cryptocurrency prices continued to rise during this period.
On November 4th, bitcoin closed the trading session with a notable price increase of over 1%. It was still trading with a slight rise, surpassing $35,000. Despite occasional declines, bitcoin managed to maintain its price within the $35,000 range, contributing to its upward trend compared to the S&P 500.
Similarly, ethereum showed an impressive performance on its daily timeframe chart. At the time of writing, ethereum was trading with a substantial price increase of over 2%, surpassing the $1,800 mark. The chart also indicated a consistent upward trend for several consecutive days.
How much are 1, 10, 100 ETHs worth today?
### News source: ambcrypto.com