The research conducted by BITmarkets on the relationship between globalization and the cryptocurrency market revealed no direct correlation between these phenomena, highlighting Bitcoin's growth independent of traditional globalization models.
Key Findings of the Study
The study revealed that Bitcoin, which emerged during the economic crisis of 2008–2009, indicates an independent development of cryptocurrencies, free from traditional globalization metrics. Ali Daylami, Head of Data Analytics at BITmarkets, stated:
> "We examined three major globalization metrics and found that while globalization has stagnated, the cryptocurrency market has experienced unprecedented growth."
Other insights include Bitcoin’s stronger correlation with the Nasdaq index compared to gold.
Methodology and Scope
The study utilized various globalization metrics such as the Trade Openness Index and the KOF Globalization Index. The focus was primarily on Bitcoin due to its historical significance and market dominance.
Market Context
Currently, the total cryptocurrency market capitalization stands at approximately $3.4 trillion USD, with Bitcoin maintaining around 60% market dominance. The research emphasizes that cryptocurrency adoption has accelerated even amid a slowdown in traditional globalization.
The findings from BITmarkets underscore the independent evolution of cryptocurrencies and the need for a new assessment of their role in the global financial system.
