Bitcoin's (BTC) price rallied alongside the S&P 500 (SPX) on Thursday, strengthening its rising correlation with the index in 2024.
Bitcoin and the S&P 500 have exhibited similar price patterns in the past few months. The rising correlation could be due to institutional players entering the crypto market and Fed's recent rate cut. Bitcoin has outperformed over 250 altcoins in the top 300 since the beginning of the year. Bitcoin 's price rallied alongside the S&P 500 on Thursday, strengthening its rising correlation with the indexin 2024.
He further highlighted that most of the 42 cryptocurrencies were recently launched tokens, and the others were largely meme coins. As a result, Bitcoin has proven a better bet than the larger percentage of reputablealtcoins. Only 42 tokens among the Top 300 on CoinMarketCap have outperformed BTC in 2024 Year-to-Date, according to @MustStopMurad. 11 of the top 15 tokens are MEME. 20 tokens were listed on Binance last year or earlier, and 5 tokens listed on Binance in 2024. pic.twitter.
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