Encouraging November returns in both cryptocurrencies and traditional markets raises the prospect of a decoupling that rekindles a bullish environment for Bitcoin and Ethereum, according to blockchain analytics firm Santiment.
While crypto sentiment remains damaged, Santiment spotlights healthy monthly gains of 8.3% for Bitcoin and 12.3% for Ethereum thus far, even as equities mounted their own rally. The S&P 500 has rebounded 9% in November as well, after a brutal year.
Notably though, crypto’s bounceback has accelerated faster than lagging-risk assets in recent weeks. And with major crypto assets holding well currently near local highs, Santiment suggests room for additional outperformance.
Specifically, if Bitcoin and Ethereum can break resistance ahead while stocks fade, it may confirm waning correlations between these sectors. History shows crypto often trends opposite traditional markets in bull phases.
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Of course, more aligned conditions could return given shared macro exposure. But Santiment presents a short-term possibility for crypto to benefit if stocks retreat once more while digital assets build independent momentum. After two years of fairly reliable lockstep connections, a return to divergence could rekindle the crypto bulls.
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