January 13, 2020, 7:00AM EST
• 3 min read
Correlation between blockchain-related stocks and bitcoin trend lower but still largely insignificant
- The correlation between returns of blockchain-related stocks and bitcoin prices remain largely insignificant
- Outside a few exceptions, the correlation coefficients have been trending lower over the past two years in tandem with the S&P 500’s decreased correlation with bitcoin returns
- Of the 34 companies included in the study, Xunlei Limited (XNET) and Overstock (OSTK) had the highest correlation to bitcoin.