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The 2023 interval was additionally one among decreased macroeconomic correlations throughout digital belongings. Crypto was allowed to be crypto, and largely decoupled from US equities and gold over the yr (see rolling correlation chart above), albeit with decrease ranges of realized volatility than in prior years. Surprisingly, ether realized almost the identical stage of volatility as bitcoin in 2023, breaking from the historic norm of usually realizing ~20% greater, with bitcoin’s volatility dropping in direction of ranges akin to single inventory volatility, and extra in keeping with conventional asset lessons.
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