Most Cryptos Correlated with Stocks, Not with Gold - Analysts
Bitcoin (BTC) had no positive correlation with the traditional inflation hedge gold during the past 60 days, and has instead developed a weak positive correlation with the US stock market, a new report from the crypto-focused financial services firm BitOoda has found.
The correlation between the largest cryptocurrency and the S&P 500 stock index stood at 22% for the past 60 days, according to the report.
The notable correlation gave bitcoin one of the highest stock market correlations of any cryptoasset. Only ethereum (ETH), dogecoin (DOGE), and vechain (VET) among the top 20 cryptoassets by market capitalization saw a marginally higher correlation of 23% each.
Some coins also had a negative correlation to the US stock market, according to the
Read more on cryptonews.com
