Bitcoin's independence from S&P 500, Nasdaq grows post-election

11/20/2024 22:35

Bitcoin's rising independence from traditional indices shows investor preferences changing as it outpaces SPX and Nasdaq returns.

Bitcoin’s independence from S&P 500, Nasdaq grows post-election 3 seconds ago · 3 min read

Bitcoin's rising independence from traditional indices shows investor preferences changing as it outpaces S&P 500 and Nasdaq returns.

3 min read

Updated: Nov. 20, 2024 at 3:35 pm UTC

Bitcoin’s independence from S&P 500, Nasdaq grows post-election

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin, once seen merely as a speculative risk-on asset, is challenging its traditional market ties. Over the past three months, Bitcoin has outpaced the S&P 500 and Nasdaq, surging 58.79% compared to their modest gains. After the US presidential election, Bitcoin's performance reached new heights, breaking away from these indices. This shift is underscored by Bitcoin's correlation coefficients, which fell into weakly negative territory, hinting at a new role for Bitcoin. What does this independent rise signal for Bitcoin's future?