U.S. Banking System Turmoil Has Spurred Bitcoin Outperformance: Coinbase

.coinbase says bitcoin has outperformed its peers partly due to its strength as a store of value, but also because of investor concerns about the regulatory status of other digital assets. By willcanny99

Coinbase notes that bitcoin has outperformed its digital asset peers since the middle of February, with the cryptocurrency’s dominance as a percentage of total crypto market cap increasing to 47.7% from 43.9% during March.

It has also benefited from investor concerns about the regulatory status of other cryptocurrencies, analysts David Duong and Brian Cubellis wrote. Bitcoin’s correlation to the S&P 500 stock index dropped to 25% at the end of March from a peak of 70% in May last year, the note observed. The cryptocurrency’s relative outperformance versus peers also reflects investor concerns about the regulatory status of other digital assets, and thinner liquidity specific to some BTC versus stablecoin trading pairs, the report added.

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