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Bitcoin Outperformed These Assets Amid Mounting Correlations

Derivatives Positions Leading To One Direction

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The global cryptocurrency market has been trading under tremendous selling pressure over the past few months. However, Bitcoin, the world’s largest crypto, has outperformed large traditional market assets.

Bitcoin prices are down 4.5% in the last 30 days

According to a report by Arcane Research, Bitcoin has managed to gain 0.8% against the dollar in September. However, it has also outperformed both US indices and gold.

Meanwhile, the Dollar Strength Index (DXY) appears to be the only index among the major macro indices that has outperformed Bitcoin. However, the dollar managed to outperform other currencies, while BTC outperformed the dollar this month.

Bitcoin prices are down 4.5% in the last 30 days. Bitcoin is trading at an average price of $19,152 at press time.

According to the report, the underperformance of the cumulative crypto market cap is due to Ethereum’s poor performance in September. The total market capitalization has fallen below the crucial $1 trillion mark.

Ethereum emerged as the weakest performing asset mentioned in the report. However, this drop is registered during the most anticipated ETH merger. The price of Ethereum has fallen by about 12% in the last 30 days. The average price of ETH is $1,313 at press time.

Will this correlation jump in the future?

However, Bitcoin prices have outperformed major assets amid a rising correlation with traditional markets. Following the release of CPI data and the latest FOMC meeting, the 30-day correlation between the Nasdaq and the S&P 500 has jumped to its highest level since July.

The report describes that Bitcoin’s correlation with gold has increased in recent months. The 30-day correlation between BTC and gold has risen to 0.52 year-to-date.

During last week’s FOMC meeting, Bitcoin’s intraday volatility hit new highs. The FED raised interest rates by 75 bps. However, the price of BTC fell by about 5% in one minute right after the FOMC statement was released.

Ashish believes in decentralization and is very interested in the evolving Blockchain technology, cryptocurrency ecosystem and NFTs. He aims to raise awareness of the growing crypto industry through writing and analysis. When he’s not writing, he’s playing video games, watching a thriller or doing outdoor activities. Reach me at [email protected]

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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