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Bitcoin's correlation with stocks and gold has declined inexorably. To date, the cryptocurrency has reached new all-time highs, further supporting the idea that cryptocurrencies offer the benefits of portfolio diversification.
In fact, the 90-day correlation between the S&P 500 and Bitcoin fell to about 0.21, from above 0.50 last October. Comparable indicators for token and bullion are also near the lowest level for the year. As for Bitcoin and other digital coins, the benefits of diversification remain the same.
All this occurred because Bitcoin hit a new all-time high on Tuesday, trading around $ 50,000. The cryptocurrency is notorious for sharp price swings, but strategists are looking more closely at the potential to improve risk-adjusted portfolio returns by adding Bitcoin and competitors. According to them, adding cryptocurrency to a stock portfolio can reduce volatility.
Diversifying digital assets also makes sense, especially amid declining correlation between cryptocurrencies. However, investors need to be prepared for any situation with the widespread distribution of digital coins.
In any case, cryptocurrencies remain highly controversial, with some officials and strategists warning that they are a magnet for speculators and are subject to risks such as tighter regulatory requirements that could lead to large losses. But many also see that it could deliver rather handsome rewards and profits.
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