Data shows the Bitcoin correlation to Nasdaq has plunged recently, suggesting that the cryptocurrency is moving more independently now.
Bitcoin 60-Day Correlation With Nasdaq Is Now Underwater
According to data from the analytics firm Kaiko, BTC has recently become less correlated to traditional assets recently. The “correlation” refers to a metric that keeps track of how tied the prices of any two assets are.
When the value of this metric is positive, there exists some positive correlation between the given assets. What this means is that the price of one asset reacts to movements in the other by moving in the same direction. The closer is this value to 1, the stronger is the correlation.
On the other hand, negative values imply that while there is some correlation between the prices, it’s a negative one. This suggests that the assets have been reacting to each other by moving in the opposite directions. In this case, the extreme where this correlation becomes the strongest is –
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