In the latest Bitcoin news, we are showing a comparison of Bitcoin and its performance against the relative performance by the S&P 500 index this month. As soon as Bitcoin underwent a bullish correction (after falling by more than 85% from its all-time high), the dominant cryptocurrency began surging.
In comparison with this, the S&P 500 index was already undergoing a downside correction after establishing a 52-week high at 2,940.91. However, in December, the index lost a lot – in fact almost 20% from the recent peak.
The sister indices of S&P 500, Dow Jones and Nasdaq, both plunged significantly within the same timeframe and together recorded the worst monthly crash since October 2008 which was when the financial crisis first occurred.
Bitcoin and S&P 500 have different fundamentals at this point. They are understandably different from each other – BTC is a standalone asset traded in retail and OTC markets while S&P is a market capitalization index of the biggest public-traded corporations in the US by market value. Therefore, each market was responding to its specific catalysts and there is no definite correlation with one another.
However, what everyone can agree upon is that Bitcoin is not the only loser this December and that even indices can fall to as low as 20%, continuing the bearish indicators as the year comes to an end.
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