According to New York-based Fundstrat Global Advisors, bitcoin may go beyond the S&P 500 to the S&P 500 every year, but it should rely on the US equity mark in cryptocurrencies.
The founder discussed Thursday between the Bitcoin and S&P 500 trends over the past decade. He said cryptocurrency performance was better when the index was 15 percent higher on average in 2009. At the same time, the depressed S&P 500 saw less Bitcoin performance, which is a barrier in 2015, as shown in the chart below.
This, Lee explains, has not created a strong link between Bitcoin and the S&P 500. On the other hand, after winning the index, Bitcoin has shown that its net scenario repeats a similar price operation.
S&P 500 steps
Lee made the comment after the US market opened on the positive side on Thursday. Especially the S&P 500, after the European Central Bank (ECB) announced a stimulus program affecting the mood of a possible US-China trade deal.
President Donald Trump said yesterday that the White House is hampered by a $ 250 billion increase in Chinese imports. His decision came after Beijing eliminated additional taxes on some American goods. Shares traded at the S&P 500 stood at 0.3 percent, the best since July.