earlier by AMBCrypto, BTC’s correlation index with the USD reached zero. For starters, the metric keeps track of the linear dependence between the prices or values of any two given commodities or assets.
On the contrary, the crypto market might benefit from such an adverse situation as more new investors might resort to cryptos and resort to making an exit from traditional investments for the security of funds.While we speculate about what might be ahead of us, let’s take a look at Bitcoin’s mining sector. Coinwarz’s data pointed out that BTC’s hashrate has been on the rise comfortably for multiple years.
While BTC’s metrics looked bullish, the same was not true with the state of the king of altcoins. As per, ETH was down by more than 3% in the last 24 hours. At the time of writing, it was trading at $1,577.01 with a market cap of over $189 billion. Like Bitcoin, the crypto market is also influenced by Ethereum’s performance.