According to ChainCatcher, according to data disclosed by CoinGecko on the X platform, the total market value of cryptocurrencies fell by 14.4% (US$408.8 billion) in the second quarter of 2024 to US$2.43 trillion, basically fluctuating between US$2.30 trillion and US$2.90 trillion.
As the cryptocurrency market fell, the S&P 500 rose 3.9%, causing the correlation between cryptocurrency market capitalization and the S&P 500 to drop significantly, from 0.84 in the first quarter to 0.16 in the second quarter.
In addition, cryptocurrency volatility remained high in the second quarter, with the total market value annualized volatility reaching 48.2% and Bitcoin annualized volatility at 46.7%. In contrast, the volatility of the S&P 500 index was much lower at 12.7%.
