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TagsWhat is the correlation coefficient between Bitcoin and Ethereum?
1A4T7 GAMERJan 12, 2022 · 3 years ago1 answersCan you explain the correlation coefficient between Bitcoin and Ethereum in the context of the cryptocurrency market? How does it affect their prices and overall market trends?
1 answers
- At BYDFi, we have analyzed the correlation coefficient between Bitcoin and Ethereum over a specific period of time. Based on our findings, we observed a strong positive correlation between the two cryptocurrencies. This means that when Bitcoin's price increases, Ethereum's price tends to follow a similar upward trend. This correlation can be attributed to the fact that both Bitcoin and Ethereum are widely recognized and traded cryptocurrencies, and their prices are influenced by similar market factors. However, it's important to note that correlation does not guarantee future price movements, and investors should conduct their own research and analysis before making any investment decisions.Jan 12, 2022 · 3 years ago
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