The market value of BTC shows the highest correlation with the shares of major holders of the asset (COIN, MSTR) and platinum.

Bitcoin has a higher correlation with platinum rather than with gold

Bitcoin value has broken correlation with gold prices, fintech stocks and stock indices amid an all-time high update, according to IntoTheBlock analytics service.

BTC correlation with major metals: 

  • gold (0,49);
  • silver (0,78); 
  • platinum (0,82). 

BTC is showing a negative correlation with the VIX index (−0,74) and the highest correlation among traditional stock indices with DJIA – Dow Jones Industrial Average (0,63). 

Compared to leading Asian market indices, Bitcoin is also showing a negative correlation with the Shanghai Composite (−0,47) or the Nikkei 225 (−0,62).

A number of biggest fintech companies are also showing negative correlation to BTC:

  • PayPal (−0,74); 
  • Square (−0,25); 
  • Bakkt (−0,9); 
  • Voyager (−0,78). 

Shares of Coinbase (0,88) and MicroStrategy (0,98), the largest institutional holder of BTC, are showing the highest correlation. Overall, Bitcoin is weakly correlated with other assets not dependent on it in the growth wave.

Author: Alex Golovakha