RATE Group | Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips?
79747
post-template-default,single,single-post,postid-79747,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips?

17 Feb Does Correlation Between Bitcoin Price and Altcoins Mean Buy the Dips?

Posted at 03:05h in Bitcoin News by

[ad_1]

Bitcoin (BTC) price reached a new 2020 high on Feb. 13, 2020, crossing $10,497 following a 42% gain since the start of the year. This appreciation in price has led crypto analysts to suggest that a new bull run is in its early stages and some estimate that the price will reach a new all-time high at $27,000 by summer. Other analysts believe the price will reach the coveted $100,000 mark right before the start of 2021.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Alongside Bitcoin’s price gain, altcoins have been surging as well. Over the past week NEM and Tezos (XTZ) posted amazing double-digit gains, raising the idea that altcoins and Bitcoin bull periods may be correlated.

Let’s investigate whether this correlation exists during bullish and bearish market conditions.

Altcoin correlation during Bitcoin bullish periods

Bitcoin underwent a strong bullish trend from April 2019 to June 2019, producing a more than 200% return and reaching $13,800 in June. 26, 2019. Drawing the…

[ad_2]

Source link

Tags:
, , , , ,