Is there a correlation between the price movements of bitcoin and other cryptocurrencies and crypto assets?
The answer to that question varies quite a bit based on which asset – and which time period – you look at, according to a recent CoinDesk analysis of CryptoCompare data through February 2017.
In some cases, the answer is relatively simple. Cryptocurrencies have repeatedly entered periods where several have moved in tandem.
For example, alternative protocol assets rallied following the SEC’s 10th March rejection of a proposed bitcoin ETF, after suffering widespread losses roughly one month earlier.
Yet in other instances, bitcoin’s losses have resulted in gains for alternative cryptographic assets.
One key factor analysts have cited as influencing these price relationships is major events in the cryptocurrency space, like the rise and fall of distributed organization The DAO or the SEC’s ETF rejection.
Leading up to this event, bitcoin prices surpassed $1,300, reaching an all-time high, according to the CoinDesk Bitcoin Price Index (BPI). Following the ruling, bitcoin prices plunged nearly 30%, while other digital currencies experienced a rally that pushed some to fresh, all-time highs.
Ether, for example, surged more than 200% in the week or so after
Read more ... source: CoinDesk
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