According to Odaily, CoinGecko reported on the X platform that the total market capitalization of cryptocurrencies fell by 14.4% in the second quarter of 2024, amounting to a decrease of $408.8 billion. This decline brought the market cap down to $2.43 trillion, fluctuating between $2.30 trillion and $2.90 trillion during the period.
While the cryptocurrency market experienced this downturn, the S&P 500 index saw an increase of 3.9%, leading to a significant drop in the correlation between cryptocurrency market cap and the S&P 500 index, from 0.84 in the first quarter to 0.16 in the second quarter.
Additionally, cryptocurrency volatility remained high in the second quarter, with the annualized volatility of the total market cap reaching 48.2% and Bitcoin‘s annualized volatility at 46.7%. In contrast, the volatility of the S&P 500 index was much lower at 12.7%.