Cryptocurrencies Rally as the Stock Market Has Its Worst December Since 1931
The S&P 500 (SPX) fell 2.71% Monday, marking the first time it has fallen more than 1% on Christmas Eve as the December stock market sell-off intensifies.
Both the Nasdaq and Dow also posted historic losses on Monday, as nagging concerns over the current FED rate hike schedule and tariff dispute between the U.S. and China continue to drag down the market.
At the current pace, the S&P 500 is having its worst December in 90 years, with losses approaching levels last seen during the height of the Great Depression when the index fell 14.53%.
Making a run for 1931. pic.twitter.com/QYbx7q9YId
— Bespoke (@bespokeinvest) December 24, 2018
Conversely, the cryptocurrency market has been in full-on rally mode over the last 2 weeks. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies, is currently up 3% over the last 24 hours and 23.3% over the last 7 days.
Bitcoin (BTC) is currently up around 1.3% on the day to $4,049, bringing the largest digital currency to a $70.3 billion market cap.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.