Major coins like Bitcoin and Ethereum traded lower on Sunday evening as the global cryptocurrency market cap slipped 1.3% to $2.58 trillion.
What Happened: The decline in cryptocurrency prices was mirrored in other risk assets as stock futures fell slightly just ahead of a fresh trading week.
Santiment, a market intelligence platform, noted that returns from Bitcoin and Ethereum outpaced those from S&P 500 this week.
Market sentiment was marked by "Extreme Greed," according to the "Crypto Fear & Greed Index." It is important to note that Bitcoin hit an all-time high of $69,170.63 last Tuesday.
The index has remained unchanged at 82 compared with the last week. A value of 100 on the index represents "Extreme Greed" while 0 indicates "Extreme Fear."
"Historically, [Cryptocurrency] markets see sustained [bull markets] with little to no correlation with [equities], so traders are hopeful this trend continues," said Santiment on X, formerly Twitter.
📊 #Bitcoin (+10.0%) and #Ethereum (+14.7%) notably outpaced #SP500 (+0.5%) returns this week. ...