Recent analytics data shows that Bitcoin's and Ethereum's correlation to equities is 'little to zero' at moment
Recent analytics data shows that Bitcoin's and Ethereum's correlation to equities is 'little to zero' at momentDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
Santiment on-chain data aggregator has published a tweet to say the two largest cryptocurrencies have greatly surpassed the S&P 500 index on weekly returns.Santiment has tweeted that Bitcoin and Ethereum have outperformed S&P 500 this week by returns significantly: BTC showed +10%, Ethereum printed an increase of +14.7%, while the aforementioned equities index showed only a +0.5% surge.
The analytics team has stressed that Bitcoin and Ethereum are currently facing “little to no correlation with equities,” therefore traders hope that this bullish trend will continue.While Bitcoin has hit a new historic peak, Santiment continues, the percentage of social media discussions about BTC remains relatively high at the 27.5% level at the moment. However, this value is far from the euphoric levels observed earlier, when Bitcoin surpassed the $60,000 mark more than a week ago.
Another positive sign for Bitcoin mentioned by Santiment is that a lot of previously inactive Bitcoin wallets are starting to move their BTC back into circulation quickly. This is also typical for nearly every bull market, the tweet points out. This indicates that Bitcoin is likely to continue with its upsurge until BTC is again captured by crown euphoria and coin stagnancy hits the flagship cryptocurrency once again.
Popular on X cryptocurrency analyst and trader Ali Martinez has shared how long Bitcoin historically takes to reach a new market top after establishing a new all-time high.has shattered its previous all-time highs, it has consistently taken about 8 to 11 months to hit a market top.Martinez believes that Bitcoin usually needs approximately a year or a little less to reach that point — from eight to eleven months, to be precise.
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