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The correlation between bitcoin and S&P 500 index reached a new high

The dependence of the price of bitcoin from the dynamics of the movements of the stock index S&P 500 continues to grow.

At the end of last week, the correlation of two assets in annual terms has updated the highs recorded earlier.

In the report of the team CoinMetrics said that if in January the correlation index was down -0.06%, now it has grown to 0,367 points.

The dependence of the BTC from the indicator of business activity increased for three consecutive sessions from 8 July. The previous high was recorded on July 5, but the correlation was then the same high for only one day.

The researchers note that if the index of correlation between bitcoin and S&P 500 close to 1.0, the cryptocurrency will begin to move absolutely on the same path along which moves the U.S. index.

The dependence of the BTC from the stock market analysts had previously indicated the Skew platform. They also called bitcoin traders to build a strategy on the stock market, focusing on the dynamics of the changes of American index.

Today the largest digital currency is trading just above $9256, capitalization of BTC rose to $170,601 billion more and more investors are starting to take bitcoin, as the most safe asset. However, to compete with gold this coin is not yet able.

Billionaire Mike Novogratz recently advised investors to invest in gold, not in bitcoin because of its volatility.


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