Bitcoin in 2023 has risen in price by almost 50%

The bitcoin rate has grown by about 50% since the beginning of January, during the same time, the shares of American companies, on the contrary, showed a decrease in profitability.

The correlation between BTC and the S&P 500 on a monthly basis has fallen to its lowest level since 2021.

Just recently, the correlation index of the digital currency and the stock market exceeded 0.8 points, now it is below 0.3 points.

If the indicator reaches 1, then Bitcoin and the S&P 500 are moving in the same direction.

The correlation becomes negative if the index falls to -1, according to Bloomberg. In this case, virtual currency will become a separate asset class.

A report from Kaiko says that BTC is gradually breaking away from business indicators.

The MVIS CryptoCompare Digital Assets 100 index, which measures the performance of leading digital currencies, is up 40% this year.

CryptoCompare analysts predict further growth of the crypto market if the largest economies accelerate the legalization of the blockchain industry.

The introduction of transactions with virtual assets into the legal field will increase their investment attractiveness.

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