The probability of a sustained bull trend is higher now, with Bitcoin and Ethereum trending above equities for the past few days.
These upward trends in the prices of these crypto assets have caused them to diverge from the S&P 500. What implications could this have for the crypto assets?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, the crypto asset classes yielded a more positive return for the week.Notably, the significant aspect of the price trend on that day was a surge to the $70,000 price range during the trading session.
This marked the first time in over a year, instilling hope for a potential sustained rise to that level. As of this writing, Bitcoin was trading around $68,450 with a less than 1% increase and continued to exhibit a strong bull trend.on the 8th of March, similar to Bitcoin, revealed a significant high point. Despite a slight increase of 0.42%, ETH tested the $4,000 price level on that day.Source: Trading ViewThe current trends in the S&P 500, Bitcoin, and Ethereum suggest a lack of correlation between equities and crypto assets. This divergence raises 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 could potentially be transitioning into a full-fledged bull market soon.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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