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And The Cryptocurrency Most Similar To Bitcoin For Gains Is…

30 Sep And The Cryptocurrency Most Similar To Bitcoin For Gains Is…

Posted at 03:09h in Cryptocurrency News by

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Bitcoin is still in a league of its own when its comes to its behavior in terms of fiat currencies such as the US dollar. However, one asset in particular shows almost 69% correlation to BTC monthly price gains, new data shows.

Data: BCH Mimics BTC Most Closely

Uploading findings to Twitter on September 24, analyst Skew noted that at present no other coin bears more than a 70% correlation to Bitcoin 00 when it comes to gains.

The statistics shed new light on altcoin behavior, which previously tended to follow Bitcoin’s moves up and down.

“There is not a single crypto with a greater than 70% correlation of daily returns to Bitcoin on a 1 month basis,” Skew summarized in comments.

Under current conditions, the most closely-correlated altcoin to BTC is BCH. The token has a monthly correlation of 69.8%, followed by Ethereum on 59.8%.

The numbers appeared to take Skew by surprise, given that Bitcoin Cash is a hard fork of Bitcoin itself.

“Interestingly, BCH is more correlated to…

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