{"id":525099,"date":"2023-03-31T09:11:33","date_gmt":"2023-03-31T09:11:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=525099"},"modified":"2024-06-11T12:11:41","modified_gmt":"2024-06-11T12:11:41","slug":"bitcoin-and-ethereum-correlation-at-a-staggering-97-btc-rally-incoming","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-and-ethereum-correlation-at-a-staggering-97-btc-rally-incoming\/","title":{"rendered":"Bitcoin And Ethereum Correlation At A Staggering 97%, BTC Rally Incoming?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">As Q1 2023 comes to a close, the Bitcoin and Ethereum correlation stands at a staggering 97%, trackers\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.macroaxis.com\/invest\/market\/BTC.CC--compareProfile--ETH.CC\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">indicate<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Bitcoin And Ethereum Price Correlation<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin and Ethereum are the world\u2019s most valuable coins by market cap. Because of their first mover advantage, Bitcoin, the first blockchain network; and Ethereum, a legacy smart contracting platform; their native currencies, BTC and ETH, are also the most liquid and increasingly correlating in price movements.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/ZhM9koJn\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/ZhM9koJn\/\" alt=\"Bitcoin and Ethereum Prices On March 31| Source: Binance On TradingView\" width=\"1280\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin and Ethereum Prices On March 31| Source: <a href=\"https:\/\/www.tradingview.com\/x\/ZhM9koJn\/\" target=\"_blank\" rel=\"noopener nofollow\">Binance On TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">At the time of <\/span><span data-preserver-spaces=\"true\">writing<\/span><span data-preserver-spaces=\"true\">\u00a0on March 31, trackers show that the average daily trading volumes of BTC and ETH trading volumes across various exchanges stood at $19.7 billion and $8.4 billion, respectively.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-shows-signs-of-weakness-but-key-uptrend-support-intact\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The two coins are also listed in almost all popular centralized cryptocurrency exchanges. Notably, because of the smart contracting capability of Bitcoin, the coin has been <a href=\"https:\/\/dune.com\/eliasimos\/btc-on-ethereum_1\" target=\"_blank\" rel=\"noopener nofollow\">tokenized<\/a>. Billions have been deployed on Ethereum, and other smart contracting platforms. There, BTC holders engage in DeFi and other activities not possible on the Bitcoin mainnet.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That Bitcoin and Ethereum prices have been moving in lockstep over the past few months could be attributed to several factors. However, what stands out is that these coins are the most liquid in the space, with an active base justifying their mega valuations. Their coins can also be quickly shuttled across exchanges without liquidity concerns, attracting macro investors.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Why The Correlation?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitcoin has long been viewed as a store of value asset and a medium of exchange. The coin has a limited total supply of 21 million, and over 90% have been mined.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Proponents hold that during a crisis in traditional finance, the coin can be a hedge. This was recently observed following the bank run at Silicon Valley Bank (SVB) and the closure of Signature Bank.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Besides, crypto holders also prefer the coin whenever there are concerns in the industry. Days after the temporary de-pegging of USDC, a stablecoin, Bitcoin prices rose.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, Ethereum is comparatively liquid and is becoming deflationary, a reason why a section of its supporters say ETH, its native currency, would become \u201c<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ultrasound.money\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">ultra sound money<\/span><\/a><span data-preserver-spaces=\"true\">,\u201d better than BTC and gold.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201ca large portion of the Ethereum ecosystem wants ETH to be ultra sound money\u201d<a href=\"https:\/\/t.co\/3MI2nDHaXe\" rel=\"nofollow\">pic.twitter.com\/3MI2nDHaXe<\/a><\/p>\n<p>&mdash; ultra sound money \ud83e\udd87\ud83d\udd0a (@ultrasoundmoney) <a href=\"https:\/\/twitter.com\/ultrasoundmoney\/status\/17282823?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Aside from liquidity, Ethereum is the largest and most active smart contracting platform. DeFiLlama data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Ethereum\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that over 50% of DeFi\u2019s total value locked (TVL) is in Ethereum-based dapps.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum-poised-to-breach-2000-ceiling-in-coming-months-heres-why\/\" target=\"_blank\" rel=\"noopener \">Ethereum Poised To Breach $2,000 Ceiling In Coming Months \u2013 Here\u2019s Why<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The correlation may continue rising in the months ahead as crypto gains mainstream adoption. Macro investors would most likely gravitate to BTC and ETH, lumping them as risk assets as they diversify their portfolios. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Regulatory clarity, with the United States Security and Exchange Commission (SEC) chairman saying Bitcoin is a commodity while the Commodity Futures Trading Commission (CFTC), in a lawsuit against Binance and its CEO, Changpeng Zhao, also classifying ETH as a commodity, could further boost this correlation.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">CFTC says that Bitcoin, Ethereum, and Litecoin are Commodities <a href=\"https:\/\/t.co\/nSNX2YIYLP\" rel=\"nofollow\">pic.twitter.com\/nSNX2YIYLP<\/a><\/p>\n<p>&mdash; Conor (@jconorgrogan) <a href=\"https:\/\/twitter.com\/jconorgrogan\/status\/44703232?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Still, it is yet to be seen how Bitcoin prices will react ahead and after the Shanghai Upgrade on Ethereum in mid-April.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As Q1 2023 comes to a close, the Bitcoin and Ethereum correlation stands at a staggering 97%, trackers\u00a0indicate. The Bitcoin And Ethereum Price Correlation Bitcoin and Ethereum are the world\u2019s most valuable coins by market cap. Because of their first mover advantage, Bitcoin, the first blockchain network; and Ethereum, a legacy smart contracting platform; their native currencies, BTC and ETH, are also the most liquid and increasingly correlating in price movements. At the time of writing\u00a0on March 31, trackers show that the average daily trading volumes of BTC and ETH trading volumes across various exchanges stood at $19.7 billion and $8.4 billion, respectively. Related Reading: Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact The two coins are also listed in almost all popular centralized cryptocurrency exchanges. Notably, because of the smart contracting capability of Bitcoin, the coin has been tokenized. Billions have been deployed on Ethereum, and other smart contracting platforms. There, BTC holders engage in DeFi and other activities not possible on the Bitcoin mainnet.\u00a0 That Bitcoin and Ethereum prices have been moving in lockstep over the past few months could be attributed to several factors. However, what stands out is that these coins are the most liquid in the space, with an active base justifying their mega valuations. Their coins can also be quickly shuttled across exchanges without liquidity concerns, attracting macro investors.\u00a0 Why The Correlation? Bitcoin has long been viewed as a store of value asset and a medium of exchange. The coin has a limited total supply of 21 million, and over 90% have been mined. Proponents hold that during a crisis in traditional finance, the coin can be a hedge. This was recently observed following the bank run at Silicon Valley Bank (SVB) and the closure of Signature Bank.\u00a0 Besides, crypto holders also prefer the coin whenever there are concerns in the industry. Days after the temporary de-pegging of USDC, a stablecoin, Bitcoin prices rose. Meanwhile, Ethereum is comparatively liquid and is becoming deflationary, a reason why a section of its supporters say ETH, its native currency, would become \u201cultra sound money,\u201d better than BTC and gold.\u00a0 \u201ca large portion of the Ethereum ecosystem wants ETH to be ultra sound money\u201dpic.twitter.com\/3MI2nDHaXe &mdash; ultra sound money \ud83e\udd87\ud83d\udd0a (@ultrasoundmoney) July 5, 2021 Aside from liquidity, Ethereum is the largest and most active smart contracting platform. DeFiLlama data\u00a0shows\u00a0that over 50% of DeFi\u2019s total value locked (TVL) is in Ethereum-based dapps. Related Reading: Ethereum Poised To Breach $2,000 Ceiling In Coming Months \u2013 Here\u2019s Why The correlation may continue rising in the months ahead as crypto gains mainstream adoption. Macro investors would most likely gravitate to BTC and ETH, lumping them as risk assets as they diversify their portfolios. Regulatory clarity, with the United States Security and Exchange Commission (SEC) chairman saying Bitcoin is a commodity while the Commodity Futures Trading Commission (CFTC), in a lawsuit against Binance and its CEO, Changpeng Zhao, also classifying ETH as a commodity, could further boost this correlation. CFTC says that Bitcoin, Ethereum, and Litecoin are Commodities pic.twitter.com\/nSNX2YIYLP &mdash; Conor (@jconorgrogan) March 27, 2023 Still, it is yet to be seen how Bitcoin prices will react ahead and after the Shanghai Upgrade on Ethereum in mid-April.\u00a0 Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":525101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88059,1265,54512,1946,3799,87973],"class_list":["post-525099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-and-ethereum-correlation","tag-cftc","tag-defi","tag-ethereum","tag-sec","tag-svb"],"acf":[],"yoast_head":"\n<title>Bitcoin And Ethereum Correlation At A Staggering 97%, BTC Rally Incoming?<\/title>\n<meta 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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