On today’s special crypto-focused edition of The Macro Show, Hedgeye Digital Assets analyst Ishmael Asad unpacked the widening divergence between Bitcoin’s performance and that of the broader cryptocurrency market.
Bottom line from the chart he presented: Bitcoin is continuing to assert dominance over the space.
“Bitcoin is a cryptocurrency, yes. It’s a natively digital asset issued on a blockchain. But what distinguishes it is that it doesn’t have a founding team that’s operating it,” Asad explains. “It’s a completely decentralized commodity. That’s why it behaves differently and why we see it decoupling from the rest of crypto.”
His chart shows Bitcoin’s price as a correlation of total crypto market cap. That correlation peaked in 2023—and shows no signs of reverting any time soon.
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