{"id":562864,"date":"2023-11-28T21:00:08","date_gmt":"2023-11-28T21:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=562864"},"modified":"2024-06-11T09:37:47","modified_gmt":"2024-06-11T09:37:47","slug":"xrp-bnb-altcoins-losing-correlation-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/xrp-bnb-altcoins-losing-correlation-bitcoin\/","title":{"rendered":"XRP, BNB Among Altcoins Losing Correlation With Bitcoin: Data"},"content":{"rendered":"

Data shows altcoins have been losing correlation with Bitcoin recently, and among them, XRP and BNB have seen particularly pronounced decoupling.<\/p>\n

XRP & BNB Have Seen Largest Drops In 60-Day Correlation To Bitcoin<\/h2>\n

As pointed out by an analyst in a post<\/a> on X, BTC has recently seen a drop in correlation with the altcoins. The “correlation<\/a>” here refers to an indicator that keeps track of how tied the prices of any two assets are right now.<\/p>\n

When the value of this metric is positive, it means that the given assets respond to moves in each other’s price by moving in the same direction. The closer the indicator’s value is to 100%, the stronger this correlation is.<\/p>\n

Related Reading: Bitcoin Bull Run Is Only Just Starting, According To This Metric<\/a><\/div>\n

On the other hand, negative values imply that there is a negative correlation between the assets, as their prices are moving opposite to each other. In this case, the extreme is -100%, so the more negative the value, the more tight the relationship is.<\/p>\n

The 0% mark represents the point where no correlation exists between the prices, implying that movements in one have no bearing on how the other might perform.<\/p>\n

Now, here is a chart that shows what the 60-day correlation between Bitcoin’s daily log returns and various altcoins looks like right now, as well as how it compared a year back:<\/p>\n

\"Bitcoin<\/p>\n

Looks like XRP has seen the strongest decoupling out of these coins | Source: @CryptoBusy on X<\/a><\/pre>\n
As displayed in the above graph, the 60-day correlation between Bitcoin and XRP appears to have significantly decreased in this period, as it has plunged from nearly 80% to almost 40%. This means that XRP’s price has been moving much more independently of BTC during the past 60 days.<\/p>\n
BNB (BNB), Avalanche (AVAX), and Solana (SOL) have also seen some decoupling from the original cryptocurrency. Still, these alts have seen the indicator decline by much less than XRP has observed.<\/p>\n
Cardano (ADA) and Dogecoin (DOGE)<\/a> are the altcoins that have observed the least amount of change. However, in the case of the memecoin the correlation was lesser than the other assets to begin with, so even with the small decoupling, its correlation level is still matching that of BNB.<\/p>\n
Generally, correlation is something to watch for whenever an investor is trying to diversify their portfolio, as two assets with significant correlation wouldn’t provide much safety.<\/p>\n
Related Reading: Santiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite?<\/a><\/div>\n
Thus, as XRP is currently the cryptocurrency least correlated with Bitcoin on this list, it might be a better diversification option than coins like Ethereum (ETH)<\/a> or Polygon (MATIC), which have the 60-day value of the indicator at relatively high levels still.<\/p>\n
XRP Price<\/h2>\n
Just a few days back, XRP had revisited the territory above the $0.63 mark, but it wasn’t long before it slipped again and went under the $0.60 level. Since this low, though, the cryptocurrency has seen some recovery, as it has now neared $0.61 once again.<\/p>\n
\"XRP<\/p>\n
XRP seems to have gone through a tumble recently | Source: XRPUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Kaiko.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows altcoins have been losing correlation with Bitcoin recently, and among them, XRP and BNB have seen particularly pronounced decoupling. XRP & BNB Have Seen Largest Drops In 60-Day Correlation To Bitcoin As pointed out by an analyst in a post on X, BTC has recently seen a drop in correlation with the altcoins. The “correlation” here refers to an indicator that keeps track of how tied the prices of any two assets are right now. When the value of this metric is positive, it means that the given assets respond to moves in each other’s price by moving in the same direction. The closer the indicator’s value is to 100%, the stronger this correlation is. Related Reading: Bitcoin Bull Run Is Only Just Starting, According To This Metric On the other hand, negative values imply that there is a negative correlation between the assets, as their prices are moving opposite to each other. In this case, the extreme is -100%, so the more negative the value, the more tight the relationship is. The 0% mark represents the point where no correlation exists between the prices, implying that movements in one have no bearing on how the other might perform. Now, here is a chart that shows what the 60-day correlation between Bitcoin’s daily log returns and various altcoins looks like right now, as well as how it compared a year back: Looks like XRP has seen the strongest decoupling out of these coins | Source: @CryptoBusy on X As displayed in the above graph, the 60-day correlation between Bitcoin and XRP appears to have significantly decreased in this period, as it has plunged from nearly 80% to almost 40%. This means that XRP’s price has been moving much more independently of BTC during the past 60 days. BNB (BNB), Avalanche (AVAX), and Solana (SOL) have also seen some decoupling from the original cryptocurrency. Still, these alts have seen the indicator decline by much less than XRP has observed. Cardano (ADA) and Dogecoin (DOGE) are the altcoins that have observed the least amount of change. However, in the case of the memecoin the correlation was lesser than the other assets to begin with, so even with the small decoupling, its correlation level is still matching that of BNB. Generally, correlation is something to watch for whenever an investor is trying to diversify their portfolio, as two assets with significant correlation wouldn’t provide much safety. Related Reading: Santiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite? Thus, as XRP is currently the cryptocurrency least correlated with Bitcoin on this list, it might be a better diversification option than coins like Ethereum (ETH) or Polygon (MATIC), which have the 60-day value of the indicator at relatively high levels still. XRP Price Just a few days back, XRP had revisited the territory above the $0.63 mark, but it wasn’t long before it slipped again and went under the $0.60 level. Since this low, though, the cryptocurrency has seen some recovery, as it has now neared $0.61 once again. XRP seems to have gone through a tumble recently | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Kaiko.com<\/p>\n","protected":false},"author":542,"featured_media":562895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[142,51066,428,16531,11427,1119,4531,90505,10972],"class_list":["post-562864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoins","tag-alts","tag-bitcoin","tag-bitcoin-correlation","tag-bnb","tag-btc","tag-xrp","tag-xrp-correlation","tag-xrpusd"],"acf":[],"yoast_head":"\nXRP, BNB Among Altcoins Losing Correlation With Bitcoin: Data<\/title>\n<meta name=\"description\" content=\"Data shows altcoins have been losing correlation with Bitcoin and among them, XRP and BNB have seen 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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. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP, BNB Among Altcoins Losing Correlation With Bitcoin: Data","url":"http:\/\/uniquehot.com\/news\/ripple\/xrp-bnb-altcoins-losing-correlation-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ripple\/xrp-bnb-altcoins-losing-correlation-bitcoin\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/kanchanara-0kRsP5iRZI4-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/kanchanara-0kRsP5iRZI4-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","alts","bitcoin","bitcoin correlation","bnb","btc","xrp","xrp correlation","xrpusd"],"dateCreated":"2023-11-28T21:00:08Z","datePublished":"2023-11-28T21:00:08Z","dateModified":"2024-06-11T09:37:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP, BNB Among Altcoins Losing Correlation With Bitcoin: Data\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/xrp-bnb-altcoins-losing-correlation-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/xrp-bnb-altcoins-losing-correlation-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-0kRsP5iRZI4-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-0kRsP5iRZI4-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"alts\",\"bitcoin\",\"bitcoin correlation\",\"bnb\",\"btc\",\"xrp\",\"xrp correlation\",\"xrpusd\"],\"dateCreated\":\"2023-11-28T21:00:08Z\",\"datePublished\":\"2023-11-28T21:00:08Z\",\"dateModified\":\"2024-06-11T09:37:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/kanchanara-0kRsP5iRZI4-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/562864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=562864"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/562864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/562895"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=562864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=562864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=562864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}