BlockDB
@blockdb
@blockdb There's a common theory floating around that crypto is strongly correlated with the U.S. stock market—especially the Nasdaq (NDX). At BlockDB, we decided to dig deeper into the data for 2024 to see if this holds true. Here’s what we found: (Details in comments 😉)
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BlockDB
@blockdb
🔹 BTC vs. ETH: A strong correlation (R² = 0.64) shows that Bitcoin and Ethereum tend to move in tandem, highlighting their close relationship within the crypto space.
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BlockDB
@blockdb
🔹 ETH vs. SPX: A weak R² of 0.16 suggests that Ethereum's price movements are not heavily influenced by the S&P 500 index.
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