The correlation between Bitcoin and stock indices reached its lowest level in mid-Oc 2022, but has since climbed 🧗♀️ Let's dive deeper into the statistics and see how BTC's Correlation & Volatility can affect the market, with intotheblock 👇
The past month has been calm in terms of price movements on the cryptocurrencies markets. From the traditional markets standpoint, anticipation of economic relief, like Canada’s lower than expected interest hike and the US GDP numbers coming higher than anticipated, have propelled markets into a month high. This article aims to go over the correlation between cryptocurrencies and traditional markets, low levels of volatility in Bitcoin’s price and its differences with traditional markets.
Despite traditional markets rallying in mid October, Bitcoin price remained stagnant, hovering in the $19,000 to $20,000 range for approximately 10 days, before following the same rally trend. This uncharacteristic stability in Bitcoin’s price has led its 30-day volatility to drop below 30% for the first time since October 2020.Volatility is traditionally a measure used to evaluate the riskiness of investing in a particular asset. High volatility essentially means high price swings .
Furthermore, this recent unusual Bitcoin price stagnation has caused price volatility of the Nasdaq100 to surpass that of Bitcoin. This behavior is uncommon, since traditional market indices like the Nasdaq100, unlike Bitcoin, are characterized for their low volatility.The indicator above measures the rolling 30-day volatility of crypto and traditional assets over time, annualized to the number of days these assets are traded.
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