Cryptocurrency 2 hours ago (Sep 29, 2022 10:00AM ET)
© Reuters Bitcoin, Ethereum Outperform S&P 500 Index by 4% in Seven Days
- Nasdaq, and the S&P 500 Index lost more than 4% in seven days.
- The crypto market is on a relief rally after dropping by over 6% yesterday.
- The iFinex ecosystem token depreciated significantly while the market recovered.
Major cryptocurrencies have outperformed the stock market indexes, according to data from TradingView. Under a seven-day scale, the tech-heavy Nasdaq and the S&P 500 Index have lost more than 4%. Meanwhile, (BTC) and (ETH) have regained 2% and 4% repectively in the same period.
Seven-Day Performance: Bitcoin (Orange), Ether (Green), and S&P 500 (Blue)
Market analysts have identified several reasons as potential contributors to the outperformance of digital assets.
Mike Novogratz, the CEO of Galaxy Digital, speaking at a Bloomberg interview, said that he thinks cryptocurrencies are relatively more substantial than other assets because most weak hands already left the market during the summer. Furthermore, he said:
We’re in this weird equilibrium where there are a few buyers and a few sellers, and there’s not that energy in the market like you’re seeing in the equity market or the bond market where you have to sell, right?
Notably, the crypto market is on a relief rally after dropping by over 6% yesterday. The current global market cap is still below the one trillion dollar cap.
Of the top 20 cryptocurrencies, the best performing crypto in the last seven days is the utility token of the protocol, UNI, gaining 9.16%. UNi currently trades at $6.30, with a 2.48% in the last 24 hours.
Meanwhile, the utility token across the iFinex ecosystem, UNUS SED LEO, badly depreciated while the market recovered in the seven days. It has shredded 12.68% of its value, currently trading at $4.15.
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