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19 September 2021

Bitcoin, Ethereum and Solana Prices Slip—So Does the S&P 500 - Decrypt

Bitcoin, Ethereum and Solana Prices Slip—So Does the S&P 500 - Decrypt


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That correlation has since turned negative.

Still, the increasing degree of correlation in 2020 reflected growing institutional interest in Bitcoin, as companies like MicroStrategy and Square bought into the asset and banks and investment firms dipped their toes in the water.

Over the last year, the two markets are just 15.5% correlated, according to data from crypto analytics firm Skew, and that correlation has been dropping since November, when it was closer to 46%.

On a monthly basis, it's been all over the board since last October, from as high as 62% to as low as -37%.

Which is to say nothing of the correlation between relative newcomer Solana and stock trading, or Ethereum and crypto firm ETFs

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