Crypto Market Weakens Even as S&P 500 Extends Rally to Nine Straight Weeks
Summary
- CoinDesk reported that the cryptocurrency market remained weak even as the U.S. stock market's S&P 500 index extended its rally to nine straight weeks.
- Over the past seven days, major cryptocurrencies by market value including Bitcoin and Ethereum either fell or posted only modest gains, failing to stage a meaningful rebound.
- By contrast, some altcoins including Stellar and Hyperliquid posted sharp gains from a week earlier, diverging from the broader market.
Forecast Trend Report by Period
Bitcoin and Ether declined despite the continued rally in U.S. stocks, underscoring a divergence between cryptocurrencies and broader financial markets.
CoinDesk reported on May 30 that the S&P 500 rose for a ninth straight week, its longest weekly winning streak since 2023. Brent crude also held around $92 a barrel amid expectations that a ceasefire between the U.S. and Iran would be extended.
By contrast, the crypto market has failed to rebound even as oil prices stabilized. CoinMarketCap data showed Bitcoin fell 2.46% over the past seven days, while Ether lost 2.18%. Other major tokens by market value also failed to stage a meaningful recovery, including XRP (+0.92%), BNB (+2.66%), Solana (-2.06%), TRON (-5.20%) and Dogecoin (+0.70%).
Still, some altcoins posted sharp weekly gains. Stellar jumped 81.09% from a week earlier, while Hyperliquid advanced 18.72%.
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