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Bitcoin now outperforming S&P 500 for the first time since equity sell-off

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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.

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Oct 15, 2021, 2:54AM UTC
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