$BTC Bitcoin Shows Growing Correlation With S&P 500 Bitcoin and S&P 500 Have Shown Similarities
Bitcoin Shows Growing Correlation With S&P 500
Bitcoin and the S&P 500 have shown similar price patterns over the past few months.
The growing correlation could be due to institutions entering the crypto market and the recent Fed rate cuts.
Bitcoin has outperformed 250 altcoins in the top 300 since the start of the year.
Bitcoin (BTC) rose alongside the S&P 500 (SPX) on Thursday, cementing its growing correlation with the index by 2024.
Bitcoin has largely moved in tandem with the S&P 500 over the past few months
Bitcoin and the crypto market have been on an uptrend since Wednesday following the Federal Reserveâs decision to cut interest rates by 50 basis points. Bitcoin has gained nearly 3% in the past 24 hours, edging slightly above $63,000 for the first time in three weeks.
Since hitting a low of $53,300 on September 6, Bitcoin has rallied more than 17%, adding more than $200 billion to its market capitalization.
However, the recent rally is not limited to Bitcoin and cryptocurrencies, as U.S. stocks are also trending higher.
Since the Fed announced its rate cut, the S&P 500 has added nearly $1 trillion in market capitalization. Like Bitcoin, the index has also seen an impressive recovery from its September 6 low, adding more than $3 trillion in market capitalization.
