RATE Group | Crypto Correlations Change As Ethereum Becomes Benchmark, and Bitcoin Analysis Today
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Crypto Correlations Change As Ethereum Becomes Benchmark, and Bitcoin Analysis Today

12 Oct Crypto Correlations Change As Ethereum Becomes Benchmark, and Bitcoin Analysis Today

Posted at 16:06h in Ethereum News by

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The cryptocurrency markets are seeing a small retracement today. Bitcoin continues its low-volatility trading around the $8,400-8,500 level, while altcoins are still pulling back from their previous gains.

Notable exceptions are 0x (ZRX), Algorand (ALGO) and Chainlink (LINK), which gained 3%, 10% and 5% over yesterday respectively.

 

SIMETRI Research

Cryptocurrency prices retracing
Cryptocurrency price dynamics on October 11, by Coin360

Correlations, correlations everywhere in crypto

A report by Binance Research analyzed the relative performance of cryptos in Q3. As markets slid downwards from their yearly high in the summer, large market-cap coins did so in unison.

“Over the third quarter of 2019, the average correlation between Bitcoin and most other large cryptoassets ​remained in line with the previous quarter,” the report notes. “​However, the average correlation among large cryptoassets increased in Q3 2019 with a significant positive increase in the correlations of BNB, ChainLink, and Bitcoin SV with other…

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