Bitcoin and Ethereum Soared Beyond NASDAQ and the S&P 500 Last Week

At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. This is the second entry in a weekly series in which we compare price fluctuations of Bitcoin (BTC) and Ethereum (ETH) against two of the most viewed stock market indices in the world: the S&P 500 and The NASDAQ Composite. NASDAQ  is weighted towards information technology companies while the S&P 500 is largely considered the best single gauge of large cap U.S. equities. For the cryptocurrencies, we have selected Bitcoin and Ethereum which have the largest respective market caps in the digital asset industry. After examining each asset individually, they are ranked based on their relative gains or losses.

NASDAQ

The price of NASDAQ (NDAQ) is analyzed at two-hour intervals from Mar 24 to May 3 in order to trace the current pattern. The price of NDAQ reached a low of $83.20 on Mar 24. Since then, it has been increasing, creating several higher lows. Tracing these lows gives us an ascending support line: It reached highs of $93.50 on May 3; however, NASDAQ does not appear to be following any apparent resistance lines. The highlighted part of the graph is the price of NDAQ during the week of Apr 26-May 3. During this period, it has seen price increases. At the time of writing, the price is trading close to $92.50.

S&P 500

The price of S&P 500 is analyzed at one-hour intervals from Apr 17 to May 4  in order to trace the current pattern. The price of SP500 reached a low of $2886.00 on Apr 21. A gradual increase ensued. It reached a high of $2959.0 on May 1. The price created several higher lows which give us an ascending support line outlined below: The price broke down from the support line on May 1, reaching lows of $2900.3 the next day. The highlighted part is the price of S&P500 during the week of Apr 26-May 3. During this period, it has experienced slight increases. At the time of writing, the price was trading near $2925.

Bitcoin

The price of BTC/USD is analyzed at two-hour intervals from Apr 1 to May 3 in order to determine Bitcoin’s current trading pattern. On Apr 2, a massive spike caused Bitcoin to break out of its previous trading pattern.  The price reached a high of $5335.50 the following day. Since then, the price has been trading inside an ascending channel. It has touched both the resistance and support lines several times: The price broke out from the channel on May 3, reaching highs of $6145. The highlighted part is the price of BTC during the week of Apr 26-May 3, during which the price of it has seen significant price increases. At the time of writing the price was trading close to $6000.

Ethereum

ETH on Bitfinex is analyzed at two-hour intervals from Apr 5 to May 3 to trace its current trading pattern:

The price of Ethereum made a high of $184 on Apr 8. It reached a similar level on Apr 9, creating a double top pattern. A sharp decrease ensued, and the price dropped to the support line on Apr 11. It recovered slightly before falling back to the resistance four days later.

Afterwards, a gradual increase took Ethereum to $176. These higher lows give us the resistance line required to complete the descending channel.

Similar to the double top on Apr 9, the price decreased sharply, dropping to lows of $148 on Apr 26. The price has been increasing since and broke out above the resistance line on May 3:

The highlighted part is the price of ETH during the week of Apr 26-May. A significant rise is seen throughout the whole week culminating in the breakout.

Ethereum is currently trading near $176.

Summary

The price fluctuations of ETH (Candlesticks), BTC (orange line), NDAQ (blue line), and SP500 (yellow line) are now compared at one-hour intervals from Apr 26 to May 3 in the graph below. The right-hand scale presents the percentage increase/decrease of the three assets during this period. The price of BTC has increased steadily throughout the week. The increase intensified on May 3. The price has increased by more than 5% in a span of several hours.  It finished the week as our winner with an increase of 16.81%. Furthermore, this is the highest percentage increase for one week since we began our weekly series. The price of Ethereum came second with an increase of 13.66%. Both stock indices recorded much smaller increases. The price of NDAQ increased by 3.15% and the price of SP500 increased a meager 0.14%. The full results are shown in the table below:

WEEKLY RANKING	ASSET	CLASS	+/-%
Winner	Bitcoin	Cryptocurrency	+16.81%
Runner-Up	Ethereum	Cryptocurrency	+13.66%
Third Place	Nasdaq	Stock	+3.15%
Loser	S&P 500	Stock	+0.14%

Until now, it appeared as if the price of Ethereum was mirroring that of BTC but with larger fluctuations. This has been true in both the Apr 26 and 29 drops. However, it has lagged behind BTC during the May 3 increase. This may mean that the magnitude of the fluctuations is larger in Ethereum during decreases and larger in Bitcoin during increases.

We will keep an eye on this assumption for our next analysis.

Both NDAQ and SP500 had a period of stagnation during Apr 27 – 29. Since then, NDAQ has been alternating between short-term sharp increases and stagnation. On the other hand, SP500 has been alternating between sharp decreases and gradual increases.

In last week’s analysis, we made the assumption that the price of BTC and ETH is significantly more volatile than the stock indices. Since both indices are created by the market capitalization of numerous companies, this was to be expected. Our assumption is further validated in this weeks analysis.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.