Pearson Correlation Coefficient Between Bitcoin And S&P Hit All-Time-High
Bitcoin and S&P 500 Price Index correlation proves that cryptos and stocks have one thing in common – the American retail investors and corporation bosses. This week is one of the most dangerous in the last 11 years, as the corporate and personal income melts amid coronavirus preparations.
The Coin Metrics data shows that since January, the correlation was exponentially growing. This means that Bitcoin price was rising and then tanking thanks to large institutional investors during the 90 days. They were selling everything together with Bitcoin. Per the data platform Coin Metrics, the 360 days correlation ratio is 0.31.