As per the latest weekly report from Arcane Research, BTC’s correlation with ETH and altcoins is nearing the ATH set back in May 2020.
The “correlation” of Bitcoin with the crypto market here refers to the degree of change in altcoin prices that happens due to volatility in the value of BTC.
The indicator also measures the direction of the change. When the value of the metric is above zero, it means there is a positive correlation between the BTC price and the crypto market right now.
During such periods, altcoins replicate any fluctuations in the price of BTC in the same direction. On the other hand, correlation values less than zero imply the wider crypto market is reacting to changes in the coin’s price by moving in the opposite direction.
Source: https://bitcoinist.com/bitcoin-correlation-crypto-ath-investors-de-risk/
Topic: Bitcoin Correlation With Wider Crypto Market Nears ATH As Investors (Read 29 times)
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