Correlation Between Bitcoin And Altcoin Has Been Fading – Everyone Will be in the CryptoMarch 24, 2019
Mati Greenspan, stated, “Shitcoins and several other unworthy ICOs are losing their value.” The trading volume in the numbers of crypto to crypto exchanges has increased by 20% confirming the Altseason.
There has been a significant price movement seen concerning Altcoins, therefore, raising a question as to whether we are genuinely in the Altseason.
The top cryptocurrencies have been considered stable, thereby, showing great fluctuation in the price of coins with low market capitalization.
There are several Altcoins in the market, and the trends are extreme. There have been those coin types that have provided for massive gains and yet others with massive losses. Some of the Altcoins gained up to 200% in returns. Several losers were down by 90%. Some of the losing coins were those that were never heard of again. The “Alt season” is clearly discriminating good ones like the TCAT tokens from the rest of the Shit Coins.
The trading volumes in fiat-to-crypto were flat; however, the volumes shot up in crypto-to-crypto exchanges.
The fiat-to-crypto trading went down from 73 billion to 63 billion in January and February this year.
While nothing has changed much overall, just a little hike in the USD rates mean less money was coming into the Greenback. The Altcoins market is teasing a Bull breakout.
Bitcoin is trading in the ranges of $3,800 through $3,900. The outlook is currently neutral. Litecoin is up at 83.9 on YTD basis. Binance and Holochain are up by 140 percent each, EOS gained 40%, and ONT gained 69%. BTC, LTC, BNB, TRON, and Maker have gained acceptance above their 200-day moving average, which is a widely followed pattern in Bull and Bear markets.
The correlation between Bitcoin and Altcoin has been fading over the past few months. This trend started to post the crash of the crypto market. A recent report stated that “Correlations of crypto asset returns in BTC terms in late 2018 were much lower compared to late 2017.”
The report further added, “Correlation between the crypto asset returns in the USD terms actually increase when comparing similar time periods,” the report further stated that this correlation has “coincided with the rise of stablecoins pair dominating during 2018 being in line with the overall decline in the contribution of BTC pairs to the overall industry trade volume.”Whether for Bitcoin or other types of cryptocurrencies, everyone will be in the crypto. Changpeng Zhao, CEO of Binance opines in his tweet that there will be no need for banks in the future to move funds around post an interview with Ron Karpovic of JP Morgan.