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Momentum followers often focus on stocks that are hitting new highs. Widening that view now yields an interesting insight: Bitcoin has broken out while U.S. stocks haven’t.
BTCUSD has outperformed since October 12, barely flinching when the S&P 500 had its worst week since March. It remained near 52-week highs and consolidated in an important price zone from June 2019.
It closed above the important bear-market peak of $13,880 on Tuesday and has continued to progress higher since. This morning it touched prices last seen in January 2018 when the last bull market was deflating.
Meanwhile the S&P 500 is still below its October high as investors wait for final clarity on the U.S. presidency and prospects for a stimulus bill.
There’s also been news on Ethereum, the No. 2 cryptocurrency: Ethereum 2.0 will kick off around December 1 (moved forward from January 3). This will prompt “stakers” to lock up blocks of 32 Ether in a deposit contract, potentially reducing supply. ETHUSD rallied shortly after the announcement at 10am ET yesterday. Unlike BTCUSD, ETHUSD has yet to break out.
See also: Is Bitcoin Decoupling From Stocks?
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