Bitcoin’s Price Correlation With S&P 500 Hits Record Highs
Bitcoin's correlation with the S&P 500 is somewhat erratic, but the relationship has gotten stronger. That may not be bad news.
The number of active ether addresses just clocked a recent high, possibly thanks to its growing role in decentralized finance.
The eighth-largest cryptocurrency by market value jumped to $0.1021 on Saturday to hit its highest price level since June 2019. It has rallied by a staggering 170% in the second quarter, according to CoinDesk data.
Bitcoin is looking to leap key resistance alongside a strong rally in gold, but its role as an inflation hedge is still weak.
Bitcoin’s positive correlation with stocks continues Monday, with the cryptocurrency drawing bids alongside gains in global equities.
Ether's put-call open interest ratio has jumped to 12-month highs. However, this increase is not necessarily a bearish signal.