Korelasi Kripto dan Saham Meningkat, Oktober Siap Jadi Bulan Cerah?
Release: 2024/09/29 13:34 Reading: 375
Report Shows Correlation Between Crypto and Stock Markets Hits Historic High
According to a Coinbase research report, the correlation between the crypto and stock markets reached a record high in September 2024, standing at approximately 50 percent. This surge is largely attributed to the implementation of accommodative monetary policies in the US and China.
Key economic events in recent months have hinted at an increasing recognition among investors that the two markets are moving in tandem, leading to bullish sentiment heading into October, which has historically been a strong month for crypto.
Impact of Monetary Policy on Crypto Markets
Aggressive interest rate cuts by the Federal Reserve have played a significant role in driving this correlation. Following the announcement of a 50 basis point cut, Bitcoin surged past the $64,000 mark, accompanied by gains in crypto-related stocks like Coinbase (COIN) and Microstrategy (MSTR).
Data suggests that these moves aimed at stimulating economic growth have had a positive spillover effect on both the stock and crypto markets, providing a boost to both asset classes.
Emerging Interplay Between Stock and Crypto Markets
Recent developments have witnessed a convergence between US stock futures and crypto prices. Several major US indices notched new highs, coinciding with Bitcoin's ascent.
In fact, the 40-day correlation coefficient between the S&P 500 and the top 100 cryptocurrencies reached 0.67, approaching its previous high of 0.72 set in 2022.
This indicates an increasingly intertwined relationship, where investors are now assessing risks in both stock and crypto markets in a more similar manner.
Ethereum Outperforms Bitcoin Amid Correlation Trend
Amid this period of elevated correlation, Ethereum has notably outperformed Bitcoin. Recent data shows Ethereum gained 8 percent relative to Bitcoin in the week following the Fed's rate cut announcement.
Even over the past week, Ethereum has continued to outperform, rallying 6.08 percent compared to Bitcoin's 4.77 percent gain.
However, some bearish sentiment toward Ethereum lingers, mainly centered around the recent sale of 100,000 ETH by the Ethereum Foundation, which has sold over 3,500 ETH this year.
This move has raised concerns about its impact on market sentiment and the progress of projects within the Ethereum ecosystem.
Altcoins and Other Crypto Sectors
Beyond Bitcoin and Ethereum, other segments of the crypto market have also shown impressive performance. Altcoins are seeing renewed interest, with coins like Shiba Inu and PEPE experiencing price surges.
Sectors such as gaming, , and scaling solutions have emerged as top performers, posting weekly percentage gains of 9%, 17%, and 11%, respectively.
The maturing crypto market is increasingly susceptible to macroeconomic conditions. Historically, crypto has tended to move independently of traditional financial markets.
However, with the growing participation of institutional investors, crypto price action is now more influenced by global economic factors, including interest rate decisions and monetary policy.
As we approach October, the crypto market faces conditions that have typically been favorable. Over the past 10 years, Bitcoin has posted price gains in 8 out of 10 Octobers.
This has led to expectations that the positive correlation between stock and crypto markets will persist, offering potential opportunities for investor gains.
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