Insights

Bitcoin breaks $24k – correlation seen with traditional assets trending downwards YTD

exchange68September 13, 2024

0 0 1 minute read

Quick Take

Bitcoin was strongly correlated to traditional assets during 2022 due to uncertainty in the unprecedented speed of rate hikes from the federal reserve.
However, as 2023 continues to unfold, Bitcoin seems to be decoupling from traditional assets and going into a class of its own — roughly 50% up year-to-date.

On a YTD view;

BTC is -0.17% correlated to the US 10-year government bond yield.
BTC is 0.15% correlated to the S&P 500 (YTD low).
BTC is 0.24% correlated to the Nasdaq.
BTC is -0.19% correlated to the DXY.
BTC is 0.17% correlated to TLT.

BTC Correlation against Traditional Assets: (Source: Trading View)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.