As the S&P 500 rose to a record high Friday, a bull market in U.S. equities was set to mark its two-year anniversary. Though enthusiasm has been muddled in the crypto market for months, the window also shines a light on just how much Bitcoin has gained during that span.

As highlighted in Opening Bell Daily, a financial newsletter, the S&P 500 has climbed more than 60% to around 5,800 points since a bear market in equities petered out two years ago. Over the same period of time, however, Bitcoin’s price has risen around 220%, up from approximately $20,000 to a current price above $63,000.

The tech-heavy Nasdaq composite has climbed 78% in the same span, rising from around 10,300 points to 18,350 points, while the Dow Jones Industrial average has meanwhile climbed 43%, rising from 29,300 points to around 42,800 points. Wall Street’s bull run over the last two years simply can’t compete with Bitcoin.

Bitcoin has struggled to reclaim a new peak price for months, but analysts said there were several reasons why the asset has drawn a similar pattern to the major stock index, ranging from macroeconomic factors to products letting traditional investors gain Bitcoin exposure without the hassle of buying and holding cryptocurrency.

Bitcoin bottomed out at around $14,750 in November 2022, sinking as panic spread surrounding the collapse of prominent crypto exchange FTX.

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Author: André Beganski