Coinbase + Glassnode: The Q1 Guide to Crypto Markets
The Guide to Crypto Markets is a joint publication of Coinbase Institutional and Glassnode, and aims to provide a comprehensive view of the metrics and trends t
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Over 44-pages, the Guide dives deep into a myriad of topics, including:
- Bitcoin
- Ethereum
- Stablecoins
- Derivatives
- Portfolio allocation
- Market overviews
The 44-page Guide includes many highlights and key takeaways. Here are two of particular note.
A change in correlations
Crypto has historically shown low correlations with traditional asset classes. 2022 was an exception, when nearly all assets traded down in tandem, but 2023 saw a reversion to historical norms, indicating that crypto can be a source of idiosyncratic risk.
Bitcoin dominance rose again in 2023
Crypto dominance measures a cryptocurrency’s market capitalization as a percentage of the total market cap of all cryptocurrencies. Bitcoin dominance rose in 2023 with a flight to quality and as the market grew increasingly bullish about the approval prospects for spot bitcoin ETFs. Some market participants also view the April 2024 BTC halving as a potentially positive price catalyst.
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