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Crypto Market

Crypto Markets Show Extreme Correlation As Prices Remain Stuck Sideways

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the crypto market has been extremely correlated recently as prices have been stuck in perpetual sideways movement.

Crypto Market Correlation: Altcoin Indexes And Bitcoin Register Similar Returns

As per the latest weekly report from Arcane Research, the crypto market has mostly been trading in tandem recently.

To easily assess how the different segments of the crypto sector are performing against each other, the market is divided into “altcoin indexes”

These indexes are market cap weighted, meaning coins are put into them based on the worth of their total circulating supplies.

There are three major altcoin indexes: the “large caps,” the “mid caps,” and the “small caps.” As their names imply, each of these cover a different sized segment of the crypto market.

Related Reading: Why This Bitcoin Bull Still Believes Its Price Will Top $250,000 In 2023

Now, here is a chart that shows how these altcoin indexes have performed against each other, as well as vs Bitcoin, during the past month:

As you can see above, the cutoff for the graph starts right as the crash due to the crypto exchange FTX’s collapse took place.

The entire market rapidly went down together during it, but in the days following the crash the indexes again started moving a bit differently from each other.

They were still somewhat correlated during this period, but there was nonetheless some degree of freedom between them.

Related Reading: Bitcoin Mining Difficulty Observes Sharpest Drop Since China Ban

In the last week or so, however, the crypto market has become extremely correlated as Bitcoin and all the altcoin indexes have mimicked the same trend.

This has happened while the prices of most of the coins have attained a strict sideways movement. The report notes that the flat market recently is probably because of traders leaving in hordes after the FTX debacle, leading to very low trading volumes.

At present, the best performer in the market is the mid-cap index, having observed negative returns of 18% in the last month.

But since the market has been so correlated, the others are only minimally behind, with the small caps being the worst of the bunch with 22% in losses.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.8k, down 1% in the last week. Over the past month, the crypto has lost 20% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Featured image from Art Rachen on Unsplash.com, charts from TradingView.com, Arcane Research
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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