- S&P 500 outperformed leading cryptocurrencies Bitcoin and Ethereum last week as stocks surged upwards.
- The uptick came after the FOMC reported that the Federal Reserve wouldn’t increase interest rates.
- Santiment said the upward trend in the S&P 500 will show whether the crypto market follows performances in the stock market.
The S&P 500, an index that tracks the price performance of the 500 largest companies in the US, outperformed leading cryptocurrencies Bitcoin and Ethereum in the past week.
The upsurge in the index came following the Federal Open Market Committee’s (FOMC) report that the Federal Reserve wouldn’t raise interest rates. Consequently, stocks saw an upsurge in their prices, with the S&P 500 seeing an uphill climb and erasing previous losses.
The #SP500 had a big week after #Bitcoin & #Ethereum have cooled down. With the sectors now each having their 'time in the sun', this next week will indicate whether #crypto is still tied to #equities, or whether assets can prepare for a #bullrun. https://t.co/R9moWBoqCx pic.twitter.com/FNddr1T8PM— Santiment (@santimentfeed) November 4, 2023
According to Santiment data, the index gained …
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