- BTC and ETH outperformed the S&P 500 in the just-concluded week.
- A break through the $69,055 resistance could send BTC toward $72,000.
- ETH’s buying momentum stalled but bullish dominance could drive the price to $4,200.
Bitcoin’s (BTC) momentary jump above $70,000 and Ethereum (ETH) hitting $4,000 on March 8 has ensured that the top two cryptocurrencies continue to outshine the S&P 500.
According to crypto analysis tool ‘Santiment,’ posted that BTC climbed by 10% this week. ETH, on the other hand, jumped by 14.7% while the S&P 500, which is the weighted index of the top 500 publicly traded U.S. companies, posted a mild 0.5% gain.
#Bitcoin (+10.0%) and #Ethereum (+14.7%) notably outpaced #SP500 (+0.5%) returns this week. Historically, #cryptocurrency markets see sustained #bullmarkets with little to no correlation with #equities, so traders are hopeful this trend continues. https://t.co/dgRoilWYuJ pic.twitter.com/yUVYP5KFQI— Santiment (@santimentfeed) March 9, 2024
A position like this could be a confirmation of the crypto bull market as the correlation with traditional assets has been diverging. Beyond the weekly performance, Coin Editon che…
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