No. Bitcoin is an experimental technology with a thin order book. It moves violently in both directions. If for some reason a lot of people get hardup for cash and need to liquidate all assets than I guess there can be some correlation..but not really. The market cap (if you want to call it that) is on the low end of a single mid-cap stock.
In the distant future there may potentially be a reverse correlation as people run from trusted 3rd parties to assets which require 0 trust.
In the distant future there may potentially be a reverse correlation as people run from trusted 3rd parties to assets which require 0 trust.