In the aftermath of Russia’s invasion of Ukraine, Bitcoin (BTC) remains highly correlated with the stock market, while commodities prices continue to soar.
However, it is worth noting that the correlation between the flagship digital currency and precious metals has dropped to its lowest level since August 2021, marking a 7-month low, according to data provided by IntoTheBlock.
Indeed, the research intelligence platform highlighted on March 7:
Picks for you
“Bitcoin correlation with Gold, Silver, and Platinum are showing their lowest correlations since August of 2021.”
More specifically, the Sharpe and Sortino ratios demonstrate how these commodities have performed better in response to their volatility versus Bitcoin and Ethereum, respectively.
Bitcoin holders for more than 1 year at an all-time high
Also, it is crucial to note that the vast majority of Bitcoin holders have remained unaffected by the recent price fluctuations. As the number of addresses that ‘HODL’ Bitcoin with a balance of more than one year – is now at an all-time high and has been steadily growing.
IntoTheBlock notes:
“The majority of the #Bitcoin holders remain unfazed by the recent price movements. The number of HODLERS – addresses holding >1y is currently at an ath, and has been increasing consistently. They represent 57% of all holders in $BTC.”
Recently, Finbold revealed in an analysis that on-chain data revealed there has been a major increase in Bitcoin accumulation with the number of the so-called accumulation Bitcoin wallets reaching a new all-time high as of March 1.
In a similar vein, the number of Bitcoin addresses is fast expanding as the price of the cryptocurrency increases, suggesting that retail investors are becoming more interested in the market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
