Bitcoin (BTC) and Altcoin prices have already bottomed out. A new analysis of cryptocurrency exchange rates took place on April 11th.
The most recent edition of its research bulletin, Binance Research, the exchange's specialized branch of analysis, explored various current phenomena and trends in the cryptocurrency markets.
Below that was the correlation between Bitcoin and Altcoin prices. The 2014-2019 data confirmed that the 90 days to mid-March represented the longest period of high correlation in market history.
19659002] According to the historical behavior such periods tend to trigger trend reversals. For the 90 days to mid-March, Bitcoin's decline was from $ 6,500 to around $ 3,1
"Having emerged from a period of highest internal correlation in crypto In the past, the data may support the assumption that the cryptomarket has already bottomed out," the exchange summarizes.
According to Cointelegraph, Binance had previously considered the changing relationship between bitcoin and altcoin prices, concluding that altcoins were less correlated with bitcoin versus the dollar.
The latest bulletin also provided insights into the composition of the cryptocurrency: institutional investors control around 7% of supply, says Binance, about thirteenth of the institutional control of the US stock market. 19659002] Last week, another well-known voice confirmed that the crypto markets had bottomed out.
Thomas L The lead market analyst and co-founder of Fundstrat Global Advisors pointed out that his so-called "Bitcoin Misery Inde (BMI)" had very high levels for three years as proof that no further downside would arise.
is […] further proof that the bear market for Bitcoin was likely to end at $ 3,000, "he wrote on Twitter on Thursday.