A new study by cryptocurrency exchange BITmarkets challenges the common assumption that economic globalization and cryptocurrency market development are directly connected. The research, titled “Globalization and the Crypto Market: Do They Influence One Another?”, was presented in July 2025 by BITmarkets’ analytical department.
The study found no direct correlation between the degree of economic globalization and the size or growth of the cryptocurrency market. Bitcoin, in particular, has demonstrated resilience and growth patterns that do not align with traditional globalization trends. It emerged after the 2008, 2009 financial crisis, a period economists describe as “slowbalization,” when globalization slowed down.
BITmarkets analyzed three major globalization metrics; the Trade Openness Index, the KOF Globalisation Index, and the Frankel Index; and compared them with Bitcoin’s price activity, adoption trends, and market capitalization. The results showed that while globalization stagnated and even retreated in recent years, the cryptocurrency market continued to grow significantly.
The study also found that Bitcoin has a stronger correlation with the Nasdaq index (about 0.5) than with gold (just above 0.2), indicating it behaves more like a technology stock than a traditional store of value.
Alternative financial infrastructure
Ali Daylami, Head of Data Analytics at BITmarkets, explained that these findings suggest digital assets are evolving independently of traditional economic integration patterns, “creating an alternative financial infrastructure that transcends conventional economic boundaries.”
At a time when total cryptocurrency market capitalization is around $3.4 trillion USD, with Bitcoin holding about 60% dominance, this research indicates that crypto growth has occurred despite, or possibly because of, the slowdown in traditional globalization.
The study’s insights are relevant for financial institutions and investors, as cryptocurrencies may be carving out a distinct path within the global financial ecosystem, separate from established economic trends.
Sources:
- Chainwire – https://chainwire.org/2025/07/22/new-bitmarkets-study-finds-no-direct-correlation-between-economic-globalization-and-cryptocurrency-market-size/
