The post Stock Markets Tapping New Highs Last Week but BTC and ETH Suffer appeared on BitcoinEthereumNews.com.

The cryptocurrency industry is often described as a risk-on asset class that tends to underperform in times of economic uncertainty. Although the stock market also falls in this category, at least to an extent, it has been on a wild run in the past few weeks, with multiple new all-time highs from the most prominent indexes. At the same time, crypto has suffered and the largest digital asset have plummeted since March. US Stock Market on a Roll Perhaps driven by the hype around Nvidia, the US stock market has been on a massive bull run since the start of the year. Let’s take the largest and arguably most prominent index – the S&P 500 – for example. It entered 2024 at under 4,800 but skyrocketed to roughly 5,500 earlier this week to chart a fresh peak. The Nasdaq Composite has been on an even more impressive run, soaring by 19.8% since the start of the year and charting a peak of its own at nearly 18,000 this week. The Dow Jones Industrial Average, which has little connection to the hot tech sector and has no exposure to the top performer Nvidia, has underperformed, however. Its yearly gains are less than 4%, but it still managed to paint a new all-time high earlier this year of around 40,000. The situation with the risk-on crypto assets like BTC and ETH is quite different, though, at least in the past several weeks. Despite the stock market reaching new highs, Bitcoin and Ether have declined over 10% from their yearly peaks. Other major cryptocurrencies like $SOL, $ADA, and $LINK have seen even steeper drops, falling more than 25% from their recent highs. pic.twitter.com/NET1hMjr86 — IntoTheBlock (@intotheblock) June 21, 2024 What About BTC/ETH? Bitcoin’s year has also been quite bullish, driven by the approval…

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Filed under: News - @ June 24, 2024 12:08 am