Bitcoin, once seen merely as a speculative risk-on asset, is challenging its traditional market ties. Over the past three months, Bitcoin has outpaced the S&P 500 and Nasdaq, surging 58.79% compared to their modest gains. After the US presidential election, Bitcoin's performance reached new heights, breaking away from these indices. This shift is underscored by Bitcoin's correlation coefficients, which fell into weakly negative territory, hinting at a new role for Bitcoin. What does this independent rise signal for Bitcoin's future?
Bitcoin’s independence from S&P 500, Nasdaq grows post-election Bitcoin’s independence from S&P 500, Nasdaq grows post-election
Bitcoin's rising independence from traditional indices shows investor preferences changing as it outpaces S&P 500 and Nasdaq returns.
3 min read
Updated: Nov. 20, 2024 at 3:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.