Bitcoin Binance report by the Malta-based cryptocurrency exchange shows that the all well-known altcoins are tailing the bitcoin price trend upside in the second quarter of 2019. In the coming altcoin news below we are reading more about the report.
The speed that the altcoins follow the number one cryptocurrency did experience a drop showing that the altcoin market as a whole did not really manage to run along with the supercharged Bitcoin rally. According to the report:
“Bitcoin (BTC) became less correlated with other crypto assets in Q2 2019 relative to the first three months of 2019,” read Binance. “Correlations declined between Bitcoin and altcoins, with a decrease in the average correlation of -0.11.”
A perfect positive correlation in retrospective, between two assets, shows their 100% probability of moving in the very same direction. Also, a negative one means that the two assets would run in the opposite direction so altcoins with a correlation score above 0.5 show a positive correlation between the assets.
The Bitcoin Binance report shows that Ethereum came really close to Bitcoin with a 0.81 positive correlation in the second quarter of this year down by only 0.889 from the previous quarter. XRP-to-Bitcoin correlation also dropped from the 0.875 in the Q2this year to 0.69 in Q1. The statistics show the same results to the rest of the cryptocurrencies including MIOTA, Bitcoin Cash, EOS, Litecoin, Bitcoin SV and others.
The leading cryptocurrency trapped more than 63 percent of the entire market valuation leaving other cryptocurrencies with small influence. Binance named it as a ‘’fight-to-quality behavior’’ which is a term used to indicate the investors’ partiality towards what they believe is the most bullish crypto asset. Excerpts from the report show:
“The overall market capitalization rose by 139%, whereas altcoin aggregated market capitalization (including stablecoins) increased by “just” 71 percent over the same period. This can likely be attributed to a “flight-to-quality” behavior by crypto investors in an early bull-market state.”
The statistics followed the similar findings of the Gabor Gurbacs of VanEck since it was noted that Bitcoin left all of the top ten cryptocurrencies and smaller cap altcoins behind in the past 12 months. As noted in some of the best cryptocurrency news sites, Binance reflected a shift in the investors on the crypto market but also on their mindset. They consider Bitcoin much safer now than most of the alternative assets.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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