The charts that defined crypto in 2023

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.

During the final three months of 2023, there was a marked increase in the values of cryptocurrencies like bitcoin and ether, which rose by 51% and 36% respectively. This upward trend in the market has left many traders feeling optimistic about what’s to come in 2024.

As investors get their 2024 strategies in order, here is a review of some of the charts and data points that defined the crypto market in 2023.

Bitcoin’s correlation with stocks

Bitcoin’s correlation with the S&P 500 and Nasdaq Composite indexes whipsawed this year.

The asset was most closely correlated with the S&P 500 in February 2023, when its 30-day rolling average coefficient hit 0.9. The max is 1, meaning they are each trading perfectly in tandem. Bitcoin’s S&P 500 correlation dipped to a low of -0.77 at the end of October 2023, before bouncing back to around 0.75 to end the year.

The tech-heavy Nasdaq Composite followed a similar trend with bitcoin this year, hitting peak correlation of 0.93 in February. Bitcoin’s Nasdaq correlation also dipped at the end of October, hitting a low of -0.71. As of Dec. 27, 2023, bitcoin’s 30-day rolling Nasdaq Composite correlation was back to 0.67.

Periods of tight correlation often coincided with broader macroeconomic trends and events, such as Federal Reserve meetings and inflation reading releases. Bitcoin and the S&P 500 hit a correlation of 0.72 on Dec. 13, 2023, the day the Fed announced it would be cutting rates in 2024.