{"id":514285,"date":"2022-12-30T14:00:19","date_gmt":"2022-12-30T19:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=514285"},"modified":"2023-03-08T07:26:19","modified_gmt":"2023-03-08T07:26:19","slug":"ethereum-ath-correlation-bitcoin-merge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-ath-correlation-bitcoin-merge\/","title":{"rendered":"Ethereum Finishes 2022 With ATH Correlation To Bitcoin, Despite The Merge"},"content":{"rendered":"<p>Data shows Ethereum&#8217;s year of high correlation with Bitcoin is coming to an end with the metric hitting ATH values.<\/p>\n<h2>Ethereum Ends 2022 With All-Time High Correlation To Bitcoin<\/h2>\n<p>According to the year-end report from <a href=\"https:\/\/arcane.no\/research\/2022-year-in-review\" target=\"_blank\" rel=\"noopener nofollow\">Arcane Research<\/a>, the global markets have all fallen strongly correlated this year. The &#8220;<a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-moves-us-stock-market-correlation-weakening\/\" target=\"_blank\" rel=\"noopener \">30-day correlations<\/a>&#8221; is an indicator that measures how in-tune Bitcoin has been with another asset in terms of price movement over a 30-day period.<\/p>\n<p>When the value of this metric is greater than zero, it means there has been a positive correlation between BTC and the other asset in the past month. On the other hand, negative values imply that the price of the crypto has been reacting to changes in the value of the other asset by moving in the opposite direction.<\/p>\n<p>Also, the higher the metric value (in either direction), the more the degree of the correlation. Naturally, the metric has a value equal to zero suggesting the two prices aren&#8217;t tied to each other at the moment.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/analyst-ethereum-bullish-against-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Analyst Explains Why Ethereum Is Bullish Against Bitcoin<\/a><\/div>\n<p>Now, here is a chart that shows the trend in Bitcoin&#8217;s 30-day correlations with Ethereum, S&amp;P 500, and Nasdaq over the past year:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-514298 size-full aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-41.png?resize=771%2C518\" alt=\"Bitcoin And Ethereum Correlation\" width=\"771\" height=\"518\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-41.png?w=771 771w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-41.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-41.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-41.png?w=750 750w\" sizes=\"(max-width: 771px) 100vw, 771px\"><\/p>\n<pre style=\"text-align: center\">Looks like the metric's value corresponding to ETH has been very high in recent weeks | Source: <a href=\"https:\/\/arcane.no\/research\/2022-year-in-review\" target=\"_blank\" rel=\"noopener nofollow\">Arcane Research's 2022 - Year in Review<\/a><\/pre>\n<p>As the above graph displays, Bitcoin positively correlated with these three assets during 2022. BTC&#8217;s correlation has been around or above 0.5 for most of the year for the US equities, suggesting it has been decently tied with them.<\/p>\n<p>The correlation with Ethereum, however, has been at values of around 0.9 or more, implying Bitcoin has been extremely correlated with it. Even now, as the year&#8217;s end, the correlation between these cryptos stands at 0.97, around ATH levels.<\/p>\n<p>Back in September of this year, ETH successfully finished its much-anticipated transition to a Proof-of-Stake consensus system, an event known as the <a href=\"https:\/\/uniquehot.com\/news\/company\/the-ethereum-merge-what-is-trading-headed-towards\/\" target=\"_blank\" rel=\"noopener \">Merge<\/a>. Since the Merge brought some developments unique to Ethereum, the correlation with BTC dropped, as is apparent in the chart.<\/p>\n<p>However, it wasn&#8217;t long before the two started moving on the same wavelength again, so even the Merge wasn&#8217;t enough to cause sufficient impact to separate the coins.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/crypto\/crypto-firms-bitcoin-2022-miners-hit-worst\/\" target=\"_blank\" rel=\"noopener \">Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst<\/a><\/div>\n<p>Also, since Bitcoin is highly correlated with stocks, so is Ethereum. Though, Arcane Research expects that this correlation between the cryptos and the US equities will soften in the next year due to trading volumes in the crypto market declining substantially.<\/p>\n<h2>ETH Price<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-signals-bearish-1100\/\" target=\"_blank\" rel=\"noopener \">Ethereum&#8217;s price<\/a> floats around $1,200, down 2% in the last week.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-514304 size-large aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/chart-42.png?resize=860%2C482\" alt=\"Ethereum Price Chart\" width=\"860\" height=\"482\"><\/p>\n<pre style=\"text-align: center\">ETH seems to have gone down recently | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Pierre Borthiry &#8211; Peiobty on Unsplash.com, charts from TradingView.com, Arcane Research<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Data shows Ethereum&#8217;s year of high correlation with Bitcoin is coming to an end with the metric hitting ATH values. Ethereum Ends 2022 With All-Time High Correlation To Bitcoin According to the year-end report from Arcane Research, the global markets have all fallen strongly correlated this year. The &#8220;30-day correlations&#8221; is an indicator that measures how in-tune Bitcoin has been with another asset in terms of price movement over a 30-day period. When the value of this metric is greater than zero, it means there has been a positive correlation between BTC and the other asset in the past month. On the other hand, negative values imply that the price of the crypto has been reacting to changes in the value of the other asset by moving in the opposite direction. Also, the higher the metric value (in either direction), the more the degree of the correlation. Naturally, the metric has a value equal to zero suggesting the two prices aren&#8217;t tied to each other at the moment. Related Reading: Analyst Explains Why Ethereum Is Bullish Against Bitcoin Now, here is a chart that shows the trend in Bitcoin&#8217;s 30-day correlations with Ethereum, S&amp;P 500, and Nasdaq over the past year: Looks like the metric&#8217;s value corresponding to ETH has been very high in recent weeks | Source: Arcane Research&#8217;s 2022 &#8211; Year in Review As the above graph displays, Bitcoin positively correlated with these three assets during 2022. BTC&#8217;s correlation has been around or above 0.5 for most of the year for the US equities, suggesting it has been decently tied with them. The correlation with Ethereum, however, has been at values of around 0.9 or more, implying Bitcoin has been extremely correlated with it. Even now, as the year&#8217;s end, the correlation between these cryptos stands at 0.97, around ATH levels. Back in September of this year, ETH successfully finished its much-anticipated transition to a Proof-of-Stake consensus system, an event known as the Merge. Since the Merge brought some developments unique to Ethereum, the correlation with BTC dropped, as is apparent in the chart. However, it wasn&#8217;t long before the two started moving on the same wavelength again, so even the Merge wasn&#8217;t enough to cause sufficient impact to separate the coins. Related Reading: Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst Also, since Bitcoin is highly correlated with stocks, so is Ethereum. Though, Arcane Research expects that this correlation between the cryptos and the US equities will soften in the next year due to trading volumes in the crypto market declining substantially. ETH Price At the time of writing, Ethereum&#8217;s price floats around $1,200, down 2% in the last week. ETH seems to have gone down recently | Source: ETHUSD on TradingView Featured image from Pierre Borthiry &#8211; Peiobty on Unsplash.com, charts from TradingView.com, Arcane Research<\/p>\n","protected":false},"author":542,"featured_media":514305,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,16399,1119,8323,1946,87553,85736,8686,86577],"class_list":["post-514285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-stock-market-correlation","tag-btc","tag-eth","tag-ethereum","tag-ethereum-bitcoin-correlation","tag-ethereum-merge","tag-ethusd","tag-merge"],"acf":[],"yoast_head":"\n<title>Ethereum Finishes 2022 With ATH Correlation To Bitcoin, Despite The Merge<\/title>\n<meta name=\"description\" content=\"Data shows Ethereum&#039;s year of high correlation with Bitcoin is coming to an end with the metric hitting ATH values. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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