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Bitcoin

Bitcoin Correlation With Dollar Index & Stocks Has Disappeared: Data

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin correlation with the US dollar index and stock market indexes like S&P 500 and Nasdaq 100 have dropped low recently.

Bitcoin Is Showing Little Correlation To Any Index Right Now

In a new post on X, the market intelligence platform IntoTheBlock noted how the correlation of BTC with traditional assets has dropped to low values recently.

The relevant metric here is the “correlation coefficient,” which keeps track of the linear dependence between the prices or values of any two given commodities or assets.

When the value of this metric is above zero, it means that the assets in question are moving in the same direction right now. The closer the indicator’s value is to 1, the stronger this correlation is, and the more striking the resemblance between the two price trends.

Related Reading: Bitcoin Sentiment Surges To Neutral For First Time In September

On the other hand, the negative indicator implies that there may be a correlation between the commodities, but it’s a negative one. This means that if one asset goes up, the other will react by moving down. Once again, the closer to -1 is the coefficient, the more tied the assets are.

The correlation coefficient is zero or close to zero, suggesting that there is little correlation between the assets. Now, here is a table from IntoTheBlock that shows what the correlation coefficient of the top two cryptocurrencies, Bitcoin and Ethereum, looks like for various indexes right now:

Bitcoin & Ethereum Correlation

The correlation between BTC/ETH and seven different major indexes | Source: IntoTheBlock on X

As displayed above, the correlation coefficient between Bitcoin and the US Dollar Index is -0.01, meaning that the cryptocurrency isn’t tied to the index.

Ethereum, on the other hand, is showing some degree of correlation to the DXY, as the coefficient’s value is -0.63 currently. The negative value naturally implies ETH has been moving against the index.

For the rest of the indexes, both BTC and ETH have a correlation coefficient value between -0.3 and 0.3, implying that the digital assets don’t have any real relationship to them.

One exception in the case of Ethereum and is the VIX index. The second largest coin in the cryptocurrency sector currently has a correlation coefficient of 0.49 with this stock market volatility index, which is a notable value.

Related Reading: Chainlink Whale Makes Large Withdrawal, LINK To Add To Its 11% Gains?

The two digital assets having little correlation to traditional assets like the S&P 500 and Nasdaq 100 may be good news for their investors, as the coins present a portfolio diversification avenue.

However, Bitcoin and Ethereum don’t offer much diversification, as some recent data revealed that ETH and many other top assets in the sector are highly correlated to BTC.

BTC Price

At the time of writing, Bitcoin is trading at around $26,500, down 1% during the past week.

Bitcoin Price Chart

Looks like BTC has plunged during the past day | Source: BTCUSD on TradingView
Featured image from Pierre Borthiry – Peiobty on Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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