The S&P 500, a stock index that tracks the performance of the 500 largest US companies, outshone the leading cryptocurrencies Bitcoin and Ethereum last week. The index soared after the Federal Reserve announced that it would not raise interest rates anytime soon.
According to Santiment, a data analytics platform, the S&P 500 gained nearly 6% in value in the past four days, while Bitcoin and Ethereum saw a slowdown in their price growth. The platform also said that the next week would reveal whether the crypto market is still influenced by the stock market, or whether it can prepare for a new bull run.
Bitcoin and Ethereum have been on a strong uptrend in the past month, reaching new all-time highs and breaking new records. However, they have also faced some volatility and resistance, as investors take profits and regulators increase scrutiny. In contrast, the S&P 500 has been more stable and consistent, benefiting from the positive sentiment and liquidity in the stock market.