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Bitcoin (BTC) 
$104,653 has gained notable stability following the recent “Trump Pump” effect experienced over the past two weeks. Before surpassing the $100,000 threshold overnight, the cryptocurrency consolidated within the range of $90,000 to $99,000 for an extended period. Throughout this process, the crypto market, particularly Bitcoin, exhibited a close correlation with the S&P 500. This year, Bitcoin has humorously been referred to as a “high-leverage tech stock.”
Bitcoin’s Correlation with the S&P 500
Bitcoin’s price movements have notably mirrored those of the S&P 500 in recent months. According to Santiment analysts, this trend indicates an increasing dependency of the largest cryptocurrency on traditional financial markets. However, this relationship has sparked differing opinions among experts, with some arguing that this correlation could lead to uncertainty in the short term.
Throughout this year, it has been possible to track Bitcoin’s tight connection with the S&P 500. Market conditions and macroeconomic developments have supported this correlation. However, historical data shows that cryptocurrencies tend to perform better when moving independently from stock markets.
Weakening Correlation May Signal New Direction
Experts believe that a long-term separation of the cryptocurrency market from equities could be a positive sign. Particularly, Bitcoin’s independence from traditional markets may boost investor confidence. Historically, such independent movements have led to significant market upticks.
In the coming period, analysts will closely monitor the potential severing of Bitcoin’s ties with the S&P 500. Such a break could trigger a new upward trend in the cryptocurrency market. Investors might view this situation as an opportunity.
Increasing Bitcoin’s market independence could be a critical step for both itself and the future of altcoins. This scenario might create new opportunities, especially for long-term investors.
