Bitcoin Breaks Free: Strongest One-Day Gain in Over a Month

Bitcoin's price jumped 2.6% on Monday to trade above $64,000, its strongest one-day performance in over a month.

This move marked a rare instance where Bitcoin outpaced stocks, with the S&P 500 slipping 0.52%. Historically, Bitcoin has been known as the high-beta cousin to equities, often making larger moves up or down in sync with the stock market.

However, over the past three months, this correlation has weakened. Blockchain analytics firm Glassnode noted that Bitcoin only outperformed the S&P 500 on around one-third of trading days during this period.

This trend can be attributed to the recent surge in interest in AI stocks, which has drawn capital away from other areas of the market, including cryptocurrencies.

Additionally, Bitcoin's four-year cycle is believed to be a contributing factor. Forecasts suggest that the current bear phase will continue until October this year, keeping appetite for BTC muted.