Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Free Webinar - Crude Oil Trading 2023 | Thursday, February 9, 2023 | 01:00PM PST Enroll Now
Bitcoin, Ethereum Outperform S&P 500 Index by 4% in Seven Days
© Reuters Bitcoin, Ethereum Outperform S&P 500 Index by 4% in Seven Days
- Nasdaq, and the S&P 500 Index lost more than 4% in seven days.
- The crypto market is on a relief rally after dropping by over 6% yesterday.
- The iFinex ecosystem token depreciated significantly while the market recovered.
Major cryptocurrencies have outperformed the stock market indexes, according to data from TradingView. Under a seven-day scale, the tech-heavy Nasdaq and the S&P 500 Index have lost more than 4%. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) have regained 2% and 4% repectively in the same period.
Seven-Day Performance: Bitcoin (Orange), Ether (Green), and S&P 500 (Blue)
Market analysts have identified several reasons as potential contributors to the outperformance of digital assets.
Mike Novogratz, the CEO of Galaxy Digital, speaking at a Bloomberg interview, said that he thinks cryptocurrencies are relatively more substantial than other assets because most weak hands already left the market during the summer. Furthermore, he said:
We’re in this weird equilibrium where there are a few buyers and a few sellers, and there’s not that energy in the market like you’re seeing in the equity market or the bond market where you have to sell, right?
Notably, the crypto market is on a relief rally after dropping by over 6% yesterday. The current global market cap is still below the one trillion dollar cap.
Of the top 20 cryptocurrencies, the best performing crypto in the last seven days is the utility token of the Uniswap protocol, UNI, gaining 9.16%. UNi currently trades at $6.30, with a 2.48% in the last 24 hours.
Meanwhile, the utility token across the iFinex ecosystem, UNUS SED LEO, badly depreciated while the market recovered in the seven days. It has shredded 12.68% of its value, currently trading at $4.15.
The post Bitcoin, Ethereum Outperform S&P 500 Index by 4% in Seven Days appeared first on Coin Edition.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.