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The correlation of bitcoin to the traditional markets is still minimal. Similarly, the volatility has fallen to values not seen the price of Bitcoin in over a month. This is accompanied by an acceptable positive Performance, which, however, cannot beat currently the Gold.
Dr. Philipp GieseOn the 25. August 2019BTC$amounted to 10,241,07 2.34%part Facebook Twitter LinkedIn xing mail
For over half a year, we keep track of how Bitcoin fails in comparison to traditional markets. This is not a trivial comparison of the Performance. Institutional investors are interested in Bitcoins claim to be a non-correlated, stable Asset, extremely. In a guest contribution on the €uro Fund research dedicated to BTC-ECHO the question of whether Bitcoin and the strongly correlated crypto market would be a good addition to classic portfolio. This question is the institutional investors in the crypto-market is interested in, less of a hope of a new Bull Run like the end of 2017. In order to clarify the Suitability of classical Portfolios can be considered an Investor in various sizes:
the correlation between the Bitcoin price and the traditional markets nThe volatility and Performance the Bitcoin-courseWe pay attention in this series of articles, therefore, on these three sizes. You will be charged for each day on the Basis of the last 30 days. As a comparison, assets in traditional markets, we consider indices S&P 500, Nikkei and Dax, as well as Oil and Gold.
correlation: Bitcoin stands against the classical marketsunlike in the preceding weeks it currencies in this two remarkable Details with regard to the correlations within the Crypto. The correlation between the rates of Bitcoin and EOS is only 50 percent. From the series Cardano, whose price is pegged to Bitcoin rate, only 30 percent:
A miracle is not that is has moved but is the Cardano-rate down, while the price of Bitcoin ran a Triangle Pattern through. Since both EOS as well as Cardano for institutional investors is still not interesting, we focus currencies us back to the biggest of all Crypto.
Up on Gold, everything was correlated more or less anti to Bitcoin rates. The Nikkei Index and Oil have a significant anti-correlation in the order of 25 percent, while the Dax and the S&P behavior 500 only slightly in opposite directions. Regardless of the crypto-market, the strong anti-correlation between the Nikkei Index and Gold:
On a time scale perspective, we see that the correlations Bitcoins to Gold, the DAX and the S&P 500 changed in the last days. In contrast, the negative coupling to the Nikkei Index and Oil decreased a little. The Bitcoin exchange rate and the Nikkei Index managed to show a few days ago, still a correlation of -40 per cent, it has fallen now to the level of correlation to Oil:
Overall, the absolute mean correlation with the other markets is 16 percent. Thus, the Bitcoin has rate as in the last few weeks, the least coupling to the comparison of assets in this market comparison. Taking into account compensation effects, the image of the last few weeks, it is confirmed also With a negative correlation of 6% of the Bitcoin's exchange rate is significantly anti-correlated as the Nikkei Index (-4 percent) and Gold (-2 percent). All other Assets have to the market is a positive correlation.
volatility of Bitcoins continues to drop
The volatility has stabilized now at about 3.5 percent. Understandably, a lot has changed in the last few days the price of Bitcoin, but hardly:
The volatility is still at Levels that the price of Bitcoin saw the last Time at the end of June:
Gold has currently ahead by a nose
The current low level of volatility, accordingly, there was in the week no major Changes in terms of Performance. Gold can slightly perform better than Bitcoin. The crypto-currency is, however, in the second place, and had Gold as the only Asset in our comparison, a positive Performance:
This Position does not alter the fact that Bitcoin does in a long-term, since 2018, the tracked cumulative development currently, only mediocre. If someone had invested at the beginning of March money in Gold or the S&P 500, he would have done on top of that, at that time, for a profit, in contrast to Bitcoin and other reference assets:
Admittedly, this image is pleasing to the crypto-Investor. Nevertheless, The correlation of bitcoin to other Assets continues to be low, the volatility is decreased and the monthly Performance is also acceptable. According to Bitcoin continues to be an interesting Supplement to traditional Portfolios.
data, unless otherwise specified, at 16. August cryptocompare.com, finance.yahoo.com and fred.stlouisfed.org used.
