A Binance Research report published earlier Wednesday named ATOM as the cryptocurrency that is least concern with the price movements of bitcoin. The Cosmos blockchain’s staking token has a median annual coefficient of 0.31, which indicates its lack of linear relationship with the benchmark cryptocurrency.
Read moreIs Bitcoin correlation to Nasdaq?
The larger the absolute value of the coefficient, the stronger the relationship. This chart shows that bitcoin maintained a positive correlation with the S&P and the Nasdaq Composite since February 2020, respectively, meaning that the assets have been moving generally in the same direction.
Read moreIs bitcoin correlated to the stock market?
Bitcoin’s movements are now mirroring those of U.S. stocks to an unprecedented degree. A 40-day correlation coefficient for the digital token and the tech-heavy Nasdaq 100 has reached almost 0.66 — the most in data compiled by Bloomberg since 2010 — while a similar correlation with the S&P 500 is at a record too.
Read moreHow does the performance of bitcoin compare to the S&P 500 and the price of gold?
Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the United States benchmark index the S&P 500 and gold . Arcane Research noted in its new report that Bitcoin’s year-to-date performance came out to be nearly 73%.
Read moreIs BTC correlated with stock market?
Bitcoin’s movements are now mirroring those of U.S. stocks to an unprecedented degree. A 40-day correlation coefficient for the digital token and the tech-heavy Nasdaq 100 has reached almost 0.66 — the most in data compiled by Bloomberg since 2010 — while a similar correlation with the S&P 500 is at a record too.
Read moreIs Eth price correlated to BTC?
High ETH-BTC Correlation Notably, data from Coin Metrics highlighted that ETH-BTC correlation was nearing all-time high values at press time, sitting at 0.902 . Seemingly, Ethereum and Bitcoin could move in tandem in the short term.
Read moreWhat is Bitcoin most correlated with?
Historically, Bitcoin has maintained a relatively low correlation to traditional asset classes, including equity indices and commodities like gold. However, in recent weeks, the leading cryptocurrency’s correlation to two major indices—the S&P 500 and Nasdaq —has been on the rise.11 Oca 2022
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