Bitcoin Outperformed These Assets Amid Mounting Correlations
The Global cryptocurrency market is trading under huge selling pressure over the past few months. However, Bitcoin, the world’s largest crypto has outperformed major traditional market assets.
Bitcoin prices down by 4.5% in last 30 days
According to a report by Arcane Research, Bitcoin has managed to surge by 0.8% in September against the USD. However, it has also outclassed both U.S indexes and gold.
Meanwhile, the dollar strength index (DXY) seems to be the only index among the major macro indices which have given better returns than Bitcoin. However, the dollar managed to surpass other currencies, while BTC outperformed the dollar this month.
Bitcoin prices have dropped by 4.5% over the past 30 days. Bitcoin is trading at an average price of $19,152, at press time.
The report suggests underperformance of the cumulative crypto market cap is caused by the poor performance of Ethereum in September. The total market capitalization has dropped under the crucial $1 trillion mark.
Ethereum emerged as the lowest performing asset mentioned in the report. However, this drop has been registered amid the most awaited ETH merge. Ethereum price has dropped by around 12% in the last 30 days. ETH is trading at an average price of $1,313, at the press time.
Will this correlation jump in future?
However, Bitcoin prices have outperformed major assets amid the climbing correlation with the traditional market. After the issuance of CPI data and the latest FOMC meeting, Nasdaq and S&P 500’s 30 day correlation has jumped to its highest level since July.
The report depicts that Bitcoin’s correlation with gold is on a surge over the past few months. The 30 day correlation between BTC and gold has climbed to a yearly high of 0.52.
During the FOMC meeting last week, Bitcoin’s intraday volatility reached new highs. While FED increased the interest rates by 75bps. However, BTC’s price dropped by around 5% in one minute just after the FOMC statement came out.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor Says ‘₿uy Now’ as Bitcoin Faces $111,000 Resistance
- Will the U.S. Government Shutdown Finally End This Month As Key Crypto Policies Face Delays
- Traders Price in December Fed Rate Cut as U.S. Inflation Softens Again
- Bitcoin vs Gold: BitMEX Co-Founder Arthur Hayes Explains Why Nations Still Prefer Buying Gold
- BTC, ETH, XRP Treasury Firms Hit Hard Amid Crypto Crash- Will Wall Street Hold Or Sell?
- Bitcoin Price Outlook: Key Levels Indicating How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
- Dogecoin Price Surges 10% as Bitwise Spot ETF Expected to Go Live Soon
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
