The following analysis by The Block shows that there is no correlation between bitcoin (and other cryptocurrencies) and traditional asset classes, indicating that a small exposure to cryptocurrency markets could be useful to diversify a traditional portfolio.
In order to measure the correlation between cryptocurrencies and traditional asset classes, the Pearson correlation coefficient is used. The coefficient ranges from -1 to 1. A correlation of 1 shows a perfect positive correlation while -1 shows a perfect negative correlation. A correlation of 0 shows no relationship between the movement of the two variables.