๐Hey there, BTC enthusiasts! ๐
While the stock market has been on a wild ride, hitting all-time highs, our beloved crypto world has been on a bit of a rollercoaster. ๐ข The largest digital assets, including BTC and ETH, have taken a hit since March. ๐ฒ
The US stock market, driven by the Nvidia hype, has been on a bull run. The S&P 500, for instance, started 2024 under 4,800 and skyrocketed to roughly 5,500 this week. ๐ The Nasdaq Composite has soared by 19.8%, charting a peak of nearly 18,000. ๐
However, the Dow Jones Industrial Average, with little connection to the tech sector and no exposure to Nvidia, has underperformed with yearly gains less than 4%. ๐
In contrast, risk-on crypto assets like BTC and ETH have seen a different story. Despite the stock market 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. ๐ฑ
BTC's year has been bullish, driven by the approval of spot BTC ETFs in the States in January. However, it has underperformed since the fourth halving. ETH saw a regulatory nod from the US SEC as well, but its price has lost almost all gains that came after the positive news. ๐
But, don't lose heart, crypto fans! ๐ฅณ Despite the recent declines, BTC and ETH are still up by around 50% and 54% respectively since the start of 2024. So, keep calm and HODL on! ๐ช๐
Stay tuned for more updates! ๐ฐ