• Home
  • Contact Us
  • Privacy & Policy
Thursday, May 26, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Crypto News Litecoin

And The Cryptocurrency Most Similar To Bitcoin For Gains Is…

by admin
March 9, 2021
in Litecoin
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter




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 ETH than to BTC!” he added. Bitcoin Cash correlation to Ethereum stands at 84.2%.

There is not a single crypto with a greater than 70% correlation of daily returns to Bitcoin on a 1 month basis. The most correlated is now BCH. Interestingly, BCH is more correlated to ETH than to BTC! pic.twitter.com/NbYJW6areE

— skew (@skew_markets) September 24, 2019

The two most closely-correlated coins in the top ten cryptocurrencies by market cap also involve Bitcoin Cash – but this time against Litecoin with 87.6%.

As far as BTC goes, Stellar and XRP are the least correlated in terms of gains, on 15.6% and 23% respectively. 

Altcoins Fall In Line – Behind Bitcoin

September nonetheless witnessed a return to more standard behavior for altcoins versus the leading cryptocurrency. After several months when tokens seemed to act independently of BTC gains, the standard setup appeared to reappear as September progressed.

Previously, analysts en masse called the end of altcoins altogether, as many tokens put in big losses regardless of BTC wins or losses. 

Several weeks ago, however, other research challenged the theory, noting that the majority of altcoins were back to tracking a market dictated to a great extent by Bitcoin.

“To me, it means that we are still in an early industry, where the movements between cryptocurrencies have not settled,” its author, trading bot HodlBot creator Anthony Xie wrote. 

So while looking at this data is interesting and can tell us about the past, take it with a grain of salt when moving towards the future.

That future is in doubt once again this week as altcoins take a fresh hit and Bitcoin slides further towards multi-week lows. At press time, BTC/USD traded at just $9,420, its lowest since the end of August.

What do you think about the altcoin correlation data? Let us know in the comments below!


Images via Shutterstock, Twitter @Skew_markets



Tags: BitcoincryptocurrencygainsSimilar
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022
EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0
EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

May 26, 2022

Singapore Stock Market May Halt Losing Streak

May 26, 2022

‘Does Radio Ring a Bell?’: How the Metaverse Will Change Society

May 26, 2022

Bitcoin Stabilizes in Tight Range; Support at $27K, Resistance at $30K-$35K

May 26, 2022

Recent News

EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

EUR/USD’s Near-Term Bullish Channel Intact Amidst ECB Hawkishness – Action Forex

May 26, 2022

Singapore Stock Market May Halt Losing Streak

May 26, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.