Although Bitcoin is often described as digital gold, its price action shows that dominant crypto is more positively related to stocks. The chances that Bitcoin is moving in sync with stock market prices are now highest in 17-months.
Bitcoins correlation coefficient with the S&P 500 stock market index, which tracks the performance of 500 large companies listed on the US stock exchanges, reached 0.49 or the highest levels since October 2020, says data from market analytics Arcane Research.
