Bitcoin Price Lags Behind Equities as Crypto Market Struggles

The crypto market has been lagging behind equities over the past few months. According to Glassnode, Bitcoin's price has dropped by 20% in the last 90 days, while the S&P 500 rose 5% during the same period.

This is not an isolated incident, as the crypto market has performed poorly compared to other major asset classes so far this year. Since January, Bitcoin's price has fallen by 35%, and altcoins have lost 57% of their value.

In contrast, gold has risen by 60%, copper by 66%, and silver by 107%. The Nasdaq and Russell 2000 indices have also seen significant gains, with the former rising 38% and the latter increasing by 31% since January.

Glassnode notes that the market will remain dominated by equities until Bitcoin regains strength against these indices. In fact, the past week has shown a similar pattern, with the S&P 500 rising 1.5% while Bitcoin fell 2.7%.