Lately, Bitcoin price has been showing record-high levels of correlation with traditional markets and on July 9 the correlation between the S&P 500 and BTC reached a new all-time high.
Data from Skew shows that the one-year realized correlation reached 0.38 on Thursday, July 9 and this came after the metric had reached new highs earlier in the week.
Bitcoin – S&P 500 Realized Correlation. Source: Skew
The correlation with traditional markets has been growing at a steady pace recently, with the one-year reaching consecutive new all-time highs. Data from Skew also shows that the 1 month figure also reached its all-time high of 0.78 on Wednesday, but has since dropped to 61.5.
While Bitcoin has been showing increasing correlation with the stock market, the same cannot be said for gold which has surpassed $1,800 to set a new high not seen since 2011.
A recent report by Kraken’s research department found that correlation with the precious metal has been declining. Bitcoin’s 30-day…
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