Bitcoin scores a rare win over S&P 500 with 2.6% rise versus 0.5% fall BTC outperformed Wall Street on Monday, breaking its recent pattern of lagging behind U.S. stocks. – Bitcoin rose by 2.6% to above $64,000 on Monday, its best daily performance in over a month, while the S&P…
0 fell 0.52%. – The move marked a rare recent instance of bitcoin decisively outperforming and moving opposite to U.S. stocks, after trailing the S&P 500 on about two-thirds of trading days over the past three months. Bitcoin The largest cryptocurrency rose 2.6% to over $64,000, registering its best daily performance in over a month, according to CoinDesk data
Wall Street’s benchmark equity index, S&P 500, fell by 0.52%. Bitcoin, therefore, not only outpaced equities but moved in the totally opposite direction. This was once a norm.
Bitcoin has spent most of its history being the higher-beta asset relative to stocks, meaning it typically moves more than stocks in both directions. “BTC outperformed the stock market today. This has become a less common occurrence lately. 1/2 In fact, BTC only outperformed the S&P 500 on around one third of trading days over the last three months,” blockchain analytics firm Glassnode said in a Telegram chat. Underperforming two-thirds of the time means BTC has been acting less like a higher-beta asset relative to stocks and more like a laggard.