Bitcoin marked new historical maximum against S&P500

Bitcoin (BTC) is usually measured in dollars. This is found in the graphics, in the contributions, in the predictions of the analysts, and in the news. But nothing says it has to be so. After all, the dollar is just one more unit of measure: a monetary reference that the world chose – or accepted – for hegemony, not necessarily by virtue.

However, Bitcoin can be compared against any other asset or value unit. Against gold, for example, with which it is usually measured in shelter or speculation cycles. Against oil, if you want to evaluate your relationship with energy. Against the Argentine weight, if a more dramatic perspective is sought. Or against stock actions, such as Nasdaq or the S&P500, if what interests is to compare it to the average performance of the traditional financial market.

And that is precisely what just marked a new milestone: this May 9, Bitcoin reached its highest point in history when compared against the S&P500 (SPX), one of the most relevant stock indices in the world.

In the following graph, the BTC/Spy ratio is observed. Keep in mind that Spy is the Blackrock ETF that follows the trace on the S&P500 index. and that currently worth $ 565 per share.

The BTC/Spy ratio, which measures how many units of the aforementioned ETF is it equivalent to a single bitcoin, He reached a new historical maximum of 182.97. That is, a bitcoin is currently worth almost 183 times more than an Blackrock ETF action that follows the S&P500 index. Never before had such a high difference between both values ​​been recorded.

This data may seem anecdotal, but in reality it represents a powerful sign of the relative behavior between the most important digital asset in the world and the most representative thermometer of the great US actions.

To dimension this achievement, it is worth remembering that the S&P500 includes the 500 most important companies that quote on the United States bags. It is the index that reflects the health of the traditional market. There are Apple, Microsoft, Amazon, Google, Meta, Nvidia, Johnson & Johnson, Visa and many others. If the S&P500 rises, it is usually interpreted that there is optimism in the markets. If you go down, there is uncertainty or fear.

It is worth clarifying that, despite this historical maximum, BTC is showing a correlation with the relatively high S&P500, As can be seen in the following graph that measures Pearson’s index:

The latter means that, it cannot be said that Bitcoin has lost correlation with the representative index of the US market. But, if the climb continues at a much greater pace than the S&P500, it could be decoupling that many bitcoiners yearn.

The new record in front of the S&P500 is not explained only by the relative weakness of the index. It also responds to an international context that again favored qualified assets as “risk.”

First of all, Important advances in commercial agreements met this week. The president of the United States, Donald Trump, announced a “historical” pact with the United Kingdom, which could be the first of a series of bilateral treaties, including negotiations with China. This type of agreements tends to improve the global economic climate and feed the appetite for more aggressive investments, such as technological actions and cryptocurrencies.

In second place, The US Federal Reserve keeps the door open to possible interest rate cuts this year. Although its president, Jerome Powell, did not commit to dates or magnitudes, his words were read by the market as a sign that monetary hardening could be coming to an end.

This is key because – as explained in cryptootic cryptopedia— Low interest rates often benefit Bitcoinsince they reduce the attractiveness of treasure bonds, while they lower the cost of capital for investors looking for higher returns.

Together, these factors are promoting a new cycle of confidence in the market, which is taking up its upward trend after a few weeks of pause and correction.

As can be seen in the following Bitcoin graph measured in US dollars, Bitcoin has started a strong bullish impulse since April 10:

In the last 30 days, the price of Bitcoin has risen more than 33% compared to the United States currency. At the time of this publication, it is less than 10% to mark a new historical maximum, which – if the macroeconomic context helps – could do so, perhaps, in a few days.