Bitcoin price: correlation BTC, gold and S&P 500A mandatory part of our report is the macroeconomic view of precious metals and the American stock market. For this we use gold and the S&P 500 as representatives of the respective asset classes. In the past 4-8 weeks, we have found a historically above-average correlation between Bitcoin, gold and the S&P 500. But in the past two weeks, BTC has been able to achieve the turnaround and decouple itself more strongly from the dynamics of the stock market, but there is still a certain correlation, even if it has decreased. As part of the halving, Bitcoin was able to develop its own momentum. This also increased volatility. Let us hope that the correlation continues to decrease and that BTC is moving more towards an uncorrelated asset.
Bitcoin dominance: positive trend for 2 years
The following chart shows the development of Bitcoin dominance over the past two years. We see a clear upward trend here, which has brought BTC from 36 to 68 percent. At this point, it should always be remembered that the majority of altcoins were unable to recover from the crash at the beginning of 2018 and are still trading significantly (75-95%) below their all-time high. As a result, many investors have recognized the “true value” of Bitcoin and exchanged their alts for BTC.