Bitcoin and Ethereum have recently eclipsed the S&P 500 index, showcasing outstanding performance over the past week. Crypto data provider Santiment sheds light on this achievement, noting a record-breaking surge for Bitcoin to $70,199 on the Coinbase exchange and Ethereum nearing the $4,000 mark. Their growth has notably outpaced the traditional stock market index, which experienced only a modest increase.
Comparative Market Success
Both Bitcoin and Ethereum have achieved remarkable gains, with Bitcoin climbing over 10% and Ethereum exceeding a 14% increase. This is in stark contrast to the 0.5% rise of the S&P 500 index over the same period. Bitcoin and Ethereum’s performance has shown minimal correlation with stock market indices, fostering optimism among investors for a sustained bullish trend.
Despite Bitcoin reaching new heights, discussions on social media platforms about BTC maintain a high presence at 27.5%, yet below previous hype levels when prices soared past $60,000. Santiment considers the absence of FOMO and market greed, commonly seen at peak times, to be a positive indicator for the market’s health.
Another optimistic sign is the rise in activity among dormant Bitcoin wallet addresses, signaling a return of old coins into active circulation. This pattern is typical during bullish market phases and hints that the positive momentum and investor enthusiasm for Bitcoin could persist.
Foreseeing the Next Peak
Cryptocurrency analyst Ali Martinez weighs in on the timeline of Bitcoin market peaks. He asserts that historically, it has taken roughly a year, or slightly less, for Bitcoin to reach a new market peak after registering an all-time high. He predicts that Bitcoin’s next peak could occur between November 2024 and February 2025. Following its recent historic peak, Bitcoin has made a slight retreat to $66,000 but has demonstrated resilience with a 2.58% rebound, trading at about $68,000.