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Data indicates that bitcoin is associated with other cryptocurrencies

The relationship between Bitcoin and other cryptocurrencies has become suffocating in the price collapse.

According to Bloomberg, digital and digital currencies are not related to other assets, but they are highly correlated with each other. This has caused the entire market to rise last year, but this year it means that they all fall together, leaving crypto investors with little refuge.

The MVIS CryptoCompare Index can show the correlation between Bitcoin and 10 of the largest and 100 smaller digital currencies. The index since last 12 months of this year to since the bull market between May rebounded.Correlation jumped from below 0.1 at the beginning of the year to 0.7 , with indicating a strong positive correlation (assets moving in the same direction) and -1 indicating a strong negative correlation (assets moving in the opposite direction).

Although 0.7 means that Bitcoin moves almost synchronously with other cryptographic assets, the level is slightly lower than the 0.9 in April , as the price collapse of smaller digital currencies is more serious. Therefore, according toCoinMarketCap ‘s data, Bitcoin’s share of the total encryption market has increased to 55 %, which is the highest since December last year .

The cryptocurrency remains irrelevant to any other major asset. When testing the correlation between Bitcoin and major stocks, currencies, and commodity indices, the coefficient rarely exceeds 0.5 .

This article is writing on 10 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258
Also Read  Hackers use bitcoin code vulnerabilities to produce 235 million PGN tokens, potentially increasing risk

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