Bitcoin Reaches Record High Correlation to S&P 500
Analysts expect bitcoin’s positive correlation to traditional markets to continue and strengthen.
And yet, bitcoin’s trading volume shows no signs of returning to previous high levels.
Bitcoin nearly triples its price in 2020 and ends the year close to $29,000, but ether gained 450%.
Price charts also are sending signals the oldest cryptocurrency might be losing steam.
While bitcoin is eyeing an August gain for the first time in three years, the cryptocurrency is still lagging U.S. stocks over the month.
The S&P 500 has recovered to hit new all-time highs but how real is it, and how are leading finance minds interpreting the recovery?
According to the crypto exchange’s report, June was the most uneventful month for Bitcoin (BTC) trading since February and was marked by a reversal in correlation trends with gold and the S&P 500.