Bitcoin fell 20% over the last 90 days, while equities rose
Bitcoin is steeply lagging behind equities, and until it begins to regain strength, the current market will remain dominated by stocks, according to Glassnode.
Over the past 90 days, Bitcoin has dropped by 20%, four times as much as the S&P 500, which rose by 5% in the same period.
Looking further back, the crypto market has performed the worst among major asset classes so far this year.
Bitcoin is down 35%, and altcoins are down 57% since January.
In contrast, gold is up 60%, copper 66%, and silver 107%. Nasdaq and Russell 2000 see a 38% and 31%, respectively, making crypto the weakest in the list over that period.
In a post on Tuesday, Glassnode said the market will remain led by equities until this gap closes.
Markets remain “equity-led tape” except Bitcoin moves, says Glassnode
Glassnode said this pattern continued over the past week.
“The last 7 days show the same pattern,” Glassnode wrote. “Until Bitcoin reclaims strength against the indices, this remains an equity-led tape.”
Over the last 90 days the S&P 500 rose 5% while Bitcoin fell 20%. The last 7 days show the same pattern.
Until Bitcoin reclaims strength against the indices, this remains an equity-led tape.
Notably, the NASDAQ is lagging behind other major indices indicating an unfavorable… pic.twitter.com/TpfDwoYB9y… Continue reading the full article at the original source below.
