Bitcoin Prices Rise Amid Diverging Equity Performance
Bitcoin (BTC) prices rose modestly on Thursday, matching the broader cryptocurrency market's gain. The world's largest cryptocurrency gained about 0.22% over the past 24 hours to trade near $64,684.
The move came as the S&P 500 traded little changed after recent record highs. However, despite Bitcoin's daily gains, its longer-term performance has continued to trail US equities.
Thahbis Rahman, Research Analyst at Block Scholes, pointed out that though US equities are trading near record territory, Bitcoin has not enjoyed the same success. The divergence between Bitcoin and equities has become more stark since the start of this year, with the S&P 500 returning more than +25% while BTC is down close to -35%.
Derivatives data showed improving sentiment beneath the surface, with several indicators pointing toward a more constructive outlook for Bitcoin. The long-short taker volume ratio turned bullish for the first time in at least a week, and Bitcoin futures open interest increased to around 759,000 BTC.