The correlation between Bitcoin and the S&P 500 has plummeted, potentially indicating a bottom for Bitcoin prices
ChainCatcher reports that the correlation between Bitcoin (BTC) and the SP 500 (SPX) has dropped to 0.05, indicating market differentiation. Over the past five years, they have been highly positively correlated during the pandemic period and from the end of 2021 to 2022. Both showed significant increases in early 2024.
Although SPX continues to hit new highs, BTC hovers around $60,000. Since 2019, BTC and SPX have shown negative correlation four times, each time indicating a local low point in Bitcoin prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitget launches perpetual contracts for Hon Hai and MediaTek, two popular Taiwanese stocks
Vanguard embraces Metaplanet, Ark Invest heavily invests in Circle
WTI rises above $100.00 amid Israeli election deadlock, Saudi infrastructure attack
Crypto prices
More
