Биткоин освобождается от фондового рынка: нулевая корреляция с S&P 500 и рост интереса к золоту Headline: Bitcoin Breaks Free from the Stock Market: Zero Correlation with S&P 500 and Growing Interest in Gold

In the third quarter, the price of the leading cryptocurrency showed a detachment from the movements observed in the U.S. stock market, according to a report by CoinGecko.

Analysts noted a decline in the correlation between Bitcoin and the S&P 500 index, dropping from 0.9 to zero. Meanwhile, other digital assets maintained a moderately high correlation with the stock index, falling from 0.88 to 0.68.

Overall market volatility decreased significantly: the annual volatility of the S&P 500 index decreased from 30.7% to 10.6%, while Bitcoin’s volatility dropped from 42.1% to 29.2%.

In contrast, the statistical relationship between the leading cryptocurrency and gold reached record levels. On October 14, this correlation approached a historic peak of 0.9, coinciding with gold’s price record of $4,179.48 per ounce.

Experts point out that this reflects a growing interest among investors in the asset as a reliable value storage option.

The correlation of Bitcoin with the overall cryptocurrency market has weakened, falling from 0.99 to 0.64. CoinGecko specialists attributed this shift to the leading performance of altcoins, which significantly outpaced Bitcoin in growth during the third quarter.

“There is a structural divergence: while Bitcoin shows independent dynamics, altcoins and other crypto-assets continue to be heavily influenced by positive sentiments in the U.S. stock market,” they added.

For comparison, Ethereum and BNB saw price increases of 67% and 54% respectively, while Bitcoin only climbed by 6.4%. The price of XRP increased by 27%, and Solana rose by 35%.

The growth rate of the leading cryptocurrency lagged behind that of gold, which appreciated by 15.6%, as well as the Nasdaq and S&P 500 indices, which rose by 12.2% and 7.9%, respectively.

Analysts highlighted a positive trend: the average daily trading volume of Bitcoin surged by 28.4%, reaching $41.1 billion. This interrupted a trend of declining activity observed in the first two quarters.

It’s worth noting that Glassnode analysts have highlighted the concentration of options premiums for digital gold ranging between $115,000 and $130,000.

Peter Brandt stated that the price of the leading cryptocurrency will exceed $125,000 after another decline.