24. March 2019BTC$3.988,65 0.16%part Facebook Twitter LinkedIn xing mail
Since the beginning of November, 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, BTC has dedicated to 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. to clarify
the Suitability of classical Portfolios can be considered an Investor in various sizes. For one, it would be interesting to see whether and how much Bitcoin is linked to traditional markets. On the other, a stable Asset for a long-term Investment is attractive. The volatility of the asset do not need to be extremely low. You should have at least over a longer period of time, a certain degree of stability.
We pay attention in this series of articles, therefore the correlation in the last month, on a sliding correlation of a continuous volatility and a sliding Performance. The last three values are calculated for each day based on the last 30 days. As a comparison, assets in traditional markets, we consider indices S&P 500, Dax and Nikkei, Oil and Gold.How to develop the relationship between Bitcoin and the traditional markets?
The sideways phase of the market is also reflected in the almost constant correlations between the Top 3. Easily the correlation between Bitcoin and XRP is fallen, and is currently under the between Ethereum and XRP:
As Bitcoin is the leading currency within the crypto Ecosystem and institutional investors as the first on this view, it is sufficient, if we focus on currencies when compared to the traditional market on the biggest of all Crypto.correlation: crypto-currencies vs. traditional market
The negative correlation of Oil remained, but the coupling between the Gold and the Bitcoin is of course currently hardly available. You can also see that Oil is correlated to all of the compared assets to Gold is negative and the Nikkei Index has a strong anti-correlation to Gold:
in Total, have changed the couplings between Bitcoin and the comparison of assets since the last week. The anti-correlation to Oil and the correlation to Gold are a bit lower, but it is still too early to detect a Trend:
Overall, the absolute mean correlation Bitcoins with other markets, with 25 percent still the lowest. We take into account compensation effects by any of the anti-correlations, the picture looks different. Bitcoins coupling to the rest of the markets, with 21 percent, the third-largest. The least coupling to the comparison markets can currently produce Oil with new per cent, followed by Gold (16 per cent) and the Nikkei Index (19 percent).Performance of Bitcoin under the Oil
The current sideways position like owed has changed, the average volatility for the last 30 days. She moved a little closer to the two percent:
The Performance is since the 16. March deeper and deeper fallen, and is currently more or less on a par with the Performances of the indices S&P 500, DAX and Nikkei. Unlike Gold, these are after all non-negative. Furthermore, Oil can finish as the best performing Asset:
The 4,000 US dollars to make Bitcoin. Not only the Performance at the moment is mediocre, also the coupling to the rest of the markets was already low. Nevertheless, volatility continues to be manageable and also the coupling is moderate.
data on 22. March of cryptocompare.com, finance.yahoo.com and fred.stlouisfed.org used.
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