Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.
Nakamoto Shallot (ID: xcongapp)
Nakamoto Shallot (ID: xcongapp)
, Odaily is authorized to publish.
Bitcoin set a new 2020 high above $10,497 on Feb. 13, up 42% since the start of the year. In addition to Bitcoin’s price gains, altcoin prices have also been surging, with NEM and Tezos (XTZ) recording impressive double-digit gains in the past week. The question of altcoin’s correlation to Bitcoin is once again in the spotlight.
Altcoin Correlation During Bitcoin Rally
The most famous currencies related to Bitcoin are Ethereum (ETH), Dash (Dash), Bitcoin Cash (BCH), Monero (XMR) and EOS, which are correlated between 74% and 82%. %between. USDC has the lowest correlation of all currencies, being negatively correlated (-4.3%). Coins such as Chainlink (LINK), Cosmos (ATOM), Crypto.com Chain (CRO) and Huobi Token (HT) have also shown low correlations with Bitcoin during this uptick -- during Between 20% and 30%. Correlation during altcoin rally 77% of the major altcoins are more than 60% correlated with Bitcoin, with Monero having the highest correlation at 92.3%. Additionally, Dash, EOS, Ethereum, XRP, and ZCash (ZEC) are all above 87% correlated with Bitcoin. During the altcoin rally, BSV, Chainlink, Huobi Token, and Tezos have correlated between 50% and 60% with Bitcoin. secondary title How do you see the market outlook? Bitcoin has shown that a bullish scenario is possible throughout 2020, with the digital asset gaining more than 35% since the start of 2020. During this period, a high correlation was consistently observed with mainstream altcoins such as Bitcoin Cash, Ethereum, Litecoin (LTC), NEO, TRX, and XRP.From April 2019 to June 2019, Bitcoin experienced a wave of strong rises, reaching $13,800 on June 26, with a cumulative increase of more than 200%. Using the current correlation between Bitcoin and the top 30 cryptocurrencies in the market, we found that 58% of the cryptocurrencies showed a correlation higher than 60% with Bitcoin during this uptick.
According to the observed period of rising altcoins from December 2018 to March 2019, the correlation between all mainstream altcoins and Bitcoin is stronger than that of Bitcoin during the rising period, except for USDC, which is more correlated than Bitcoin It was lower for the period at -7.8%.
