• BNB’s 60-day correlation with Bitcoin plunged from 80% in 2022 to 60% in 2023.
• Bitcoin’s market cap expanded from 39% at the start of the year to 51% at press time.

Bitcoin [BTC] has been riding high on the enthusiasm surrounding potential spot ETF approvals over the last few months. The optimism resulted in a steady increase in institutional investments into the king coin, according to digital asset manager Coinshares.

Bitcoin moves ahead unscathed

The world’s largest digital asset has more than doubled in value since the beginning of the year, leaving the horrors of the crypto winter well behind.

A closer examination revealed that the coin has been rock steady in 2023, unfazed by developments impacting other cryptos in the market.

In fact, even the latest Binance/Changpeng Zhao (CZ) fiasco failed to give a big scare to BTC. A similar story unfolded earlier in the year when the prized asset managed to stay resilient despite U.S. regulators’ scrutiny of other altcoins.

According to AMBCrypto’s analysis of CoinMarketCap’s data, Bitcoin’s market cap has expanded from 39% at the start of the year to 51% at the time of writing. At the same time, the market share of some popular coins like BNB shrunk considerably.

Bitcoin detaches from the rest of the market

The reason lies in Bitcoin’s increased decoupling from altcoins in 2023, as per a report by crypto market data provider
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Author: Aniket Verma

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