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The Number of Stocks Reaching All-Time Highs is Growing; Why Bitcoin Won’t Follow

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Bitcoin and the stock market have formed a close correlation in recent weeks, but this is now showing some signs of breaking as BTC trades sideways while most equities begin picking up some momentum.

The stock market has been seeing an intense recovery, and its momentum appears to be picking up once again as many states and cities that were previously on lockdown begin opening up.

One indicator of the market’s newfound momentum can be seen while looking towards the number of publicly traded companies that are seeing their stock prices hit fresh all-time highs.

On Friday, 59 common stocks on the NYSE were able to set fresh highs. This is still a far cry from the numbers seen before March, but it does show that the traditional markets are making a comeback.

However, despite the recent correlation between Bitcoin and the traditional markets, it remains unlikely that this will be enough to propel the cryptocurrency to fresh highs.

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