In their report, K33 Research analysts write that bitcoin has risen 85% this year, one of the best performances in the cryptocurrency market. Researchers expect continued growth as bitcoin attracts major investors such as BlackRock, Fidelity and Citadel, which in turn instills optimism in traders as well.
Analysts said the overall growth during the U.S. session was 30 percent, which is markedly better than in Asia and Europe. In addition, the bitcoin exchange rate has little correlation with the U.S. stock market and the S&P 500 and Nasdaq indices lately. Bitcoin’s correlation with the stock market turned negative for the first time since January 2021.
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“This shows that U.S. traders are investing for idiosyncratic reasons, such as to diversify,” said Vetle Lunde, senior analyst at K33.
Recall that bitcoin rose significantly in price after BlackRock filed for a spot ETF on bitcoin.