- Bitcoin rose 10% and Ethereum 14.7% in the past week.
- At press time, BTC and ETH were trending above the S&P 500.
Bitcoin [BTC] and Ethereum [ETH] have shown strong price performance in recent weeks, surpassing some previous all-time highs.
These upward trends in the prices of these crypto assets have caused them to diverge from the S&P 500. What impact could this have on crypto assets?
Bitcoin and Ethereum are trending above traditional assets
AMBCrypto's analysis of Santiment found that the crypto asset class, consisting of Bitcoin and Ethereum, posted stronger growth than the S&P 500 last week.
There was a 10% increase for BTC, a 14.7% increase for ETH and a modest 0.5% increase for the S&P 500. Thus, crypto asset classes delivered a more positive return this week.
Source: Santiment
Bitcoin trend analysis
AMBCrypto's analysis of Bitcoin's daily timeframe trend on March 8 showed a 2% increase, maintaining the $68,000 price range.
Notably, the most important aspect of the price action on the day was an increase to the $70,000 price range during the trading session.
This was the first time in over a year and raised hopes of a possible sustained rise to this level.
At the time of this writing, Bitcoin was trading at around $68,450, up less than 1%, and continued to show a strong uptrend.
Source: Trading View
Ethereum remains in a strong uptrend
AMBCrypto's look at Ethereum price action on March 8, similar to Bitcoin, showed a clear peak. Despite a slight increase of 0.42%, ETH tested the $4,000 price level on the day.
At the time of writing, the price was trading at around $3,900, up 0.7%.
Ethereum continued to maintain a strong bullish trend at press time, as shown by its Relative Strength Index.
Source: Trading View
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Current trends in the S&P 500, Bitcoin and Ethereum indicate a lack of correlation between stocks and crypto assets. This divergence increases the likelihood of a sustained bull market.
The ongoing bull trends in BTC and ETH over the past few weeks serve as an indicator that the market may soon transition into a full-fledged bull market.
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