S&P 500 Breaks Its All-Time High. Will Bitcoin Follow Suit?

đź“° News
Mon, 10/28/2019 - 13:50
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • {{ content.field_content_author|field_value|getauthorname|raw }}

    The S&P 500 has finally reached its ATH, and Tom Lee believes that now it's time for Bitcoin to conquer new highs

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The S&P 500 has reached a new all-time high after the opening bell, surging to 3,038 on Monday, CNBC reports. That was possible because of strong corporate earnings and the looming end of the tedious US-China trade war.   

As reported by U.Today, the US equities reached a new intraday high on Friday, which coincided with Bitcoin's massive 40 percent pump.

Must Read
Bitcoin and Blockchain Interest Explodes in China After Xi Jinping's Comments - READ MORE

Fundstrat's Tom Lee claimed that Bitcoin would only reach a new high if the S&P 500 achieved the same feat, but many argue that there is no correlation between the US stock market and crypto.     

Lee's unpopular theory got validated last week, but we are yet to see whether Bitcoin will move in tandem with US equities now that the widely-tracked stock market index has finally hit an ATH.    

{{ content.field_content_author|field_value|getauthorname|raw }}

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
A Severe Ethereum (ETH) Correction is Expected by Traders After 125% Rally: Here's Why

A Severe Ethereum (ETH) Correction is Expected by Traders After 125% Rally: Here's Why

TOP 3 Price Predictions: BTC, ETH, XRP Accumulating Effort for New Heights

TOP 3 Price Predictions: BTC, ETH, XRP Accumulating Effort for New Heights

50 Mln XRP Sent Between Large Crypto Exchanges, Japanese Bitbank Involved

50 Mln XRP Sent Between Large Crypto Exchanges, Japanese Bitbank Involved