December: Bitcoin Price Outshines the S&P 500 Index

Dec 27, 2018 at 21:00 Update Date :Mar 13, 2019 at 08:37 UTC

The investment of traders in the crypto market has proved to be much better compared to what it was on Wall Street. The performance shown by the prices of Bitcoin is comparatively better than that of the S&P 500 index. In December, the Bitcoin price outshines the S&P 500 index.

S&P 500 Index Flops on 30-Day Chart

In the last few weeks, the leading crypto has undergone an outstanding bullish correction; after the cryptocurrency market fluctuations when the prices dropped by more than 80% from an all-time high of $20,000. The price movement of Bitcoin in December is much similar to a roller coaster – all-time low $3127 to a monthly high of $4237. The total correction is estimated to be 35.5%.

The S&P is going through declination of correction; as the 52-week high was around $2940.91. Meanwhile, in December, the S&P 500 index noted ten daily selling sessions – led to a crash of 20% from the peak – lowest since April 2017.

Dow Jones and Nasdaq, which are known to be the sister indexes of S&P, also thrust in the same period. During the financial crisis, three of them together led to the worst monthly crash – a record after 10 years.

It has also seen a 19.8% slump in the S&P 500 from the September 20 closing of the record. Similarly, the sister indexes – Nasdaq and Dow declined by 23.3% and 18.8% from August 29, and October 2 closing, respectively.

Bitcoin, along with Ethereum, is utilized in raising funds for the new startups that are linked to the blockchain industry. However, in most cases, the startups fail to generate what they intended to plan. Majority of them turned out to be a scam. All these factors increase the selling pressure on the Bitcoin industry, and therefore, caused a massive tumble.

The S&P is expected to get integrated until the New Year starts. As the holiday season is going on, therefore, a majority of the traders are away from their desk – which might see some reduction in the volume. So far this month, Bitcoin is proved to be better when it comes to the ‘return on investment’.

Leave a Reply

Please Login to comment
Notify of