The correlation matrix above refers to the last 30 days. It is possible to see how correlations were pretty high among top crypto projects, with the average value slightly higher than 0.75.
Stellar Lumens (XLM) showed the lowest level, approaching 0.65 during the period. We cover top projects in our weekly reports.
The last seven days were the days of the halving for BTC: the market obviously waited for the event and was hugely conditioned by it. Investors hoping for an acceleration of the uptrend going on for weeks were, however, disappointed. Small projects overperformed the field once again but were just marginally positive, with Mid-cap lagging and Top projects falling behind.
Finally, we got there. Today was the day of the much anticipated Bitcoin halving event, which caught the attention of all investors for weeks. The event will happen around 19.30 UTC . In a classical “buy the rumor, sell the news” fashion, BTC price actually crashed over the weekend losing circa 20% of its value. It then recovered and BTC was able to finish the week with a marginal gain, but still far from the relative high.
In the last 30 days, Holo (HOT) and Zilliqa (ZIL) reported the lowest correlation levels among platform projects we follow. As reported by the matrix above, the two projects were the only two with a level below 0.5. In particular, HOT reported a level of 0.41 with the peers, while ZIL settled at 0.43.
GENERAL OVERVIEW In this report, we try to provide an overview of the crypto market during the last […]
Enjin (ENJ) reporter the lowest correlation among all the projects, approaching 0.
Medium projects’ 2020 correlation trend, HBAR is offering some benefit.The correlation matrices above show the evolution of correlation between medium-sized crypto projects during 2020.
Relatively small levels of correlation in January and February were followed by really high levels in March, when the market fell down with BTC.
The Platform sector keeps rolling and bested the field also in the past seven days. However, the week was again very positive overall, with tokens and Bitcoin also in very good shape. A trend is starting to emerge, which is BTC convincingly overperforming its peers in the aggregate Currency sector. The main reason behind this trend could be the incoming BTC halving. Still, all the sectors experienced a positive week and there is no structural need to worry about currencies.
The table above show the correlation matrix between small projects during the past 30 days. Enjin (ENJ) offers some diversification benefit with respect to the others. Overall correlation levels are still pretty high, as we will see tomorrow in our weekly market cap report.
The table above show the correlations among top cryptocurrency projects during the last 30 days. The sample is made of the projects that we cover in our Weekly Crypto Report. Chainlink (LINK), DASH (DASH) and Stellar Lumens (XLM) show the lowest level of correlation in the group, which could lead to some diversification benefit.