Bitcoin now outperforming S&P 500 for the first time since equity sell-off
April 29, 2020, 11:30AM EDT
1 min read
The equity market had consistently outperformed bitcoin since the stock market sell-off in mid-March, but that trend has been reversed on Wednesday.
The digital asset's return since February 20 bounced back to around -13.85% today, compared to S&P 500's -14.01%. BTC price also surged above $8,000 in the morning for the first time since March 10 while S&P 500 hit $2,920.
The stock market peaked on February 20 with S&P 500 closed at $3,396. Around the same time, BTC was trading at above $9,600.
Both the equity and the digital asset markets then plummeted on March 13, with BTC return dropping to as low as -50% on March 16 and S&P 500 touched the -35% bottom at the end of March. Since then, the returns for both BTC and S&P 500 had seen steady recovery as their prices climbed up.