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- Analysts have observed that Bitcoin’s (BTC) store of value narrative is overtaking its correlation with the US equities.
- Altcoins led by Ethereum (ETH) and Cardano (ADA) make an impressive comeback; however, the altseason index remains extremely low at 14/100.
Following reports that US President Donald Trump has no intention to fire the Federal Reserve chair Jerome Powell, as discussed earlier, the total crypto market cap has jumped by 6% to $2.9 trillion as most of the top assets “zoom” to new monthly highs.
According to our market data, Cardano (ADA) made a resounding comeback to $0.7 after surging by 10% in the last 24 hours and 16% in the last seven days. With a market cap of $24 billion, the asset secured its position as the ninth-largest crypto. Amidst the backdrop of this, its daily trading volume has also increased by 72% with $1.05 billion flowing in and out of the market. As outlined in our recent blog post, ADA has outshined both Bitcoin and Ethereum with the highest Institutional inflows this week.
Ethereum (ETH) has also leveraged the broad market momentum to break above its crucial resistance level at $1800. On its 24-hour price chart, the asset has printed 11% gains, extending its weekly run to 14%. Additionally, ETH’s market dominance has increased marginally to 7.44% after facing a huge decline, as indicated in our previous report.
Several other altcoins, including Solana (SOL), Dogecoin (DOGE), and XRP, made a good run, rekindling the speculations that altseason could just be “around the corner.” However, the altseason index, at the time of writing, was still hovering around 14/100. Meanwhile, Bitcoin dominance was still holding strong at 63.3%.
Days ago, Bitcoin had a high level of indecisiveness among investors. Turning things around, the asset recorded a 5% surge on its 24-hour price chart to reach a new monthly high at $94k before receding to the current level of $93k.
Bitcoin (BTC) Decoupling from the US Stock Market
According to the director at LVRG Research, Nick Ruck, one thing remains clear in Bitcoin’s recent move to the top – its store of value narrative seems to be overtaking its correlation with the US market. In a Telegram message, Ruck highlighted that the asset showed resilience by recording gains in both positive and negative news involving Powell’s replacement and Trump’s reciprocal tariff announcements.
Similarly, a partner of research at HashKey Capital, Jupiter Zheng, believes that the long-running correlation between Bitcoin and the US equities could soon be lost. According to him, this could pave the way for the asset to regain its digital gold narrative, especially as the price of the precious metal reaches an all-time high.
Meanwhile, the head of insights at SignalPlus, Augustine Fan, argues that the decoupling of Bitcoin from the US market and the rally of gold become stronger in the Asian morning hours.
Data shows that gold has been deriving most of its rally during the Asian hours, suggesting possible central bank and official flows getting out of USD into alternative safe-havens. The USD decoupling does seem to be more pronounced than in previous episodes…While we have also been critiquing BTC as a levered Nasdaq proxy over the past year, it has finally started to show some signs of its own decoupling away from equity markets.
