RATE Group | Ethereum is the most correlated crypto asset, research shows
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Ethereum is the most correlated crypto asset, research shows

22 Jan Ethereum is the most correlated crypto asset, research shows

Posted at 12:50h in Ethereum News by

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  • Binance research published an overview report on the state of the cryptocurrency market.
  • ETH/USD is locked in a tight range with a bullish bias.

Ethereum, the second-largest digital asset with the current market value of $18.4 billion, has lost nearly 1% since the beginning of Wednesday and stayed unchanged on a day-to-day basis. ETH/USD attempted a rise above $171.00, but the move proved to be unsustainable and the coin slipped back below $170.00 level.

Ethereum has the strongest correlation

According to the findings revealed in the latest Binance research paper, the cryptocurrency universe is moving towards a tighter correlation between various assets; however, Ethereum has the highest correlation with the rest of the market with the coefficient of 0.69. The least correlated are  Cosmos (0.31), Chainlink and Tezos (0.32 and 0.4 respectively).

Also, the researches pointed out that the correlation tends to grow during bearish markets.

As a general rule, a…

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