Bitcoin and Ethereum break away from S&P 500 and Gold

S&P 500 Outperforms bitcoin and ethereum: A New Trend?

Last week, bitcoin (BTC) and ethereum (ETH) experienced independent movements from the S&P 500 and Gold. But has this trend continued into the new week, or have there been changes?

S&P 500 Surges Above bitcoin and ethereum

Last week, the S&P 500 saw a significant increase, surpassing the performance of bitcoin and ethereum. Santiment’s trend analysis showed that the S&P 500 gained over 6% in value in just four days.

This surge in the stock market caused prices to surpass those of BTC and ETH, which seemed to be stabilizing after a period of strong growth.

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.

bitcoin and ethereum Catch Up with 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.

bitcoin and ethereum Maintain Their Uptrends

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.

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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?

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