Bitcoin Breaks Up with S&P! 💔 Altcoins Cheering? 🎉

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Key Takeaways

Bitcoin danced off into its own waltz, leaving the S&P 500 to shuffle in the dust. Capital’s now flowing like a Mississippi river-BTC and alts soaking it up. But hold your horses! ETH’s lead might crumble, and Cowen reckons BTC will reclaim the spotlight by October. 🤚

Bitcoin [BTC] and the S&P 500 have gone their separate ways, like a quarrelsome couple at a barn dance. Once tight as two peas in a pod, their latest 1-day chart shows a split that’d make a preacher weep. Bitcoin, all purple and proud, soared upward while the S&P 500 slouched downward like a deflated balloon. Seems folks are trading stocks for crypto-capital’s on a roll! 🚀

This rebound comes after BTC’s recent slump, where it tumbled from a lofty $124,000 to a humble $108,000. Now it’s trying to leap over the $110,000 hurdle, like a frog in a contest. Fingers crossed! 🤞

A Familiar Tango of Divorce

This ain’t their first break-up, mind you. Over the years, BTC and the S&P 500 have had their share of spats. Curvo notes that between 2020 and 2024, the S&P only outshone BTC three times-most notably in 2022, when Bitcoin lost 62% of its value while the S&P 500 limped down 13%. A tale of woe, if ever there was one. 😢

But lo! In 2024, BTC gained 135% while the S&P managed a mere 33%. Liquidity’s clearly favoring crypto these days, like a suitor who’s finally found his manners. 🥂

If this trend continues, BTC might just shatter its resistance, but don’t forget-the alts might sneak in for a slice of the pie too. 🥧

BTC.D Takes a Dive! Who’s the Real Winner? 🏆

Altcoins are now playing the role of the jilted lover, swooping in to fill the void left by BTC’s reduced dominance. According to CoinMarketCap, Bitcoin’s market share dropped 3.43% in a single day. Ethereum [ETH], ever the opportunist, grabbed 2.17% of that liquidity. Talk about a love triangle! 💔

If BTC.D keeps tumbling, alts might just ride that wave to glory. But Ben Cowen, our resident contrarian, says watch out-BTC’s dominance could bounce back, sending alts packing. 🚫

“September’s the season for ALT/ETH pairs to shine, but ALT/BTC pairs? Best tie a red ribbon on ’em-they’re heading south. 🚩”

Cowen claims folks confuse ETH’s rise for BTC’s fall, but in truth, BTC could still dominate if alts just can’t keep up. It’s a crypto chess game, and ETH’s on the board, but BTC’s calling the shots. 🏁

He also reckons ETH might test its 21-week EMA, giving alts a temporary leg up. But once ETH/USD hits that mark, the party’s over. 🎉➡️🔚

Stars of the Show Still Twinkle

At press time, the Altcoin 90-Day Index was glittering with stars, even as big-name tokens played it safe. Memecoins and mid-cap projects are the life of the party right now. Tokens like Pudgy Penguins [PENGU], Ethena [ENA], Conflux [CFX], Story [IP], and Chainlink [LINK] are riding high on solid fundamentals. 🌟

Of course, with capital on the move, big-cap alts are still hogging the spotlight. Investors are sniffing out safer bets like hounds on a trail. 🐕

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2025-09-04 00:22