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Has BTC drawn a clear line with traditional assets? Index correlation hits low
Compiled by: Blockchain Knight
Market intelligence platform IntoTheBlock noted in a new article published on
The correlation metric here is the “Correlation Coefficient,” which records the linear relationship between the prices or values of any two given commodities or assets.
When the value of this indicator is greater than zero, it means that the asset in question is currently moving in the same direction. The closer the indicator value is to 1, the stronger the correlation and the more obvious the similarity between the two price trends.
On the other hand, a negative indicator means there may be a correlation between commodities, but this correlation is negative. This means that if one asset goes up, the other asset goes down. Similarly, the closer the coefficient is to -1, the closer the connection between assets is.
A correlation coefficient of zero or close to zero indicates that there is little correlation between assets. Below is a table provided by IntoTheBlock showing the correlation coefficients of two top Crypto assets, BTC and ETH, to various indices:
As shown in the chart above, the correlation coefficient between BTC and the US dollar index is -0.01, which means that the digital asset has no correlation with the US dollar index.
On the other hand, ETH has a certain degree of correlation with DXY, with the current correlation coefficient sitting at -0.63. Negative values naturally mean that ETH is moving in the opposite direction to the index.
As for other indices, the correlation coefficient values for BTC and ETH are both between -0.3 and 0.3, meaning these digital assets do not have any real relationship with these indices.
ETH and the VIX index are an exception. The second largest asset in the crypto space currently has a correlation coefficient of 0.49 with this index, which is a noteworthy value.
BTC and ETH have very small correlations with traditional assets, which could be good news for investors in them, as both assets appear to offer a path to portfolio diversification.
However, BTC and ETH don’t offer much diversification, as some recent data shows that ETH and many of the other top assets in the space are highly correlated to BTC.