Bitcoin and Dogecoin show a strong positive correlation, both experiencing a downward price movement

From Investing.com

January 9, 2025 2:00:22 pm:

Patterns of strong correlations between digital assets and traditional financial assets are emerging in the cryptocurrency market. Bloomberg Intelligence’s Mike McGlone highlighted the 0.68 positive correlation between Bitcoin (BTC) and Dogecoin (DOGE), with both coins experiencing a downward price movement. BTC is at $92,873.61, down 3.04%, while DOGE is at $0.3214, down 8.16%.

McGlone compared BTC’s correlation with traditional assets like the S&P 500, showing a 0.32 positive correlation. BTC has a 0.15 correlation with gold and a -0.14 correlation with the U.S. Dollar Index. The stronger correlation is evident in the broader cryptocurrency market, where BTC and DOGE are currently on a downward trajectory.

Read more at Investing.com: Bitcoin and Dogecoin Correlation Spotlighted by Bloomberg Analyst By U.Today