These upward trends in the prices of these crypto assets have caused them to diverge from the S&P 500. What implications could this have for the crypto assets?There was a 10% increase for BTC, a 14.7% increase for ETH, and a modest 0.5% increase for the S&P 500. Thus, the crypto asset classes yielded a more positive return for the week.Notably, the significant aspect of the price trend on that day was a surge to the $70,000 price range during the trading session.
This marked the first time in over a year, instilling hope for a potential sustained rise to that level. As of this writing, Bitcoin was trading around $68,450 with a less than 1% increase and continued to exhibit a strong bull trend.on the 8th of March, similar to Bitcoin, revealed a significant high point. Despite a slight increase of 0.42%, ETH tested the $4,000 price level on that day.Source: Trading ViewThe current trends in the S&P 500, Bitcoin, and Ethereum suggest a lack of correlation between equities and crypto assets. This divergence raises the likelihood of a sustained bull market.
The ongoing bull trends in BTC and ETH over the past few weeks serve as an indicator that the market could potentially be transitioning into a full-fledged bull market soon.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.