According to the results of the first quarter of 2020, the price of bitcoin fell by 10%, however, in comparison with traditional stock markets, the first cryptocurrency showed more successful results, reports CoinDesk.

For comparison, over the indicated period, the Nikkei 225 index fell by 20%, FTSE – by 14%, S&P 500 – by 18%, which is the worst index since 1938.

Nevertheless, the fact that Bitcoin, which was often called a safe haven for investors, also showed a fall amid a significant decline in leading indexes, casts doubt on its low correlation with traditional markets.

“The lack of correlation to equities was a bit premature to announce. We had periods of high correlation, for example, in 2018, when bitcoin fell along with equities in December of that year,” said Siddhartha Jha, a former Wall Street analyst now working on blockchain-focused startup Arbol.

The founder of the Alpha5 derivatives exchange, Vishal Shah, agrees with him.

“I think correlation across assets is still quite high, a telltale sign of when macro matters more than micro,” he said.

At the same time, analysts are not sure when to expect a resumption of market growth.

“Recessions typically unfold over a longer period of time – at least two consecutive quarters,” said Guy Hirsch, U.S. managing director of multi-asset platform eToro.

He also stressed that the blow to the global economy from the coronavirus pandemic was instant and unprecedented, and this could be good news for bitcoin.

“There is a growing consensus that due to the Fed announcing unlimited QE, investors could soon be looking to BTC as an inflation hedge against a depreciating dollar.“ added Hirsch.