Is Bitcoin The Only Story That Matters Right Now?
Is Bitcoin the only story that matters right now? Personally, I’d say that to be true
With Bitcoin’s price rallying above $13,700, the Bitcoin market has captivated all institutional investors, more than it did in 2017. Institutional money is pouring into Bitcoin and it can be argued that the present stage of the price rally is like an institutional macro stage.
Bitcoin’s spot and derivatives markets have differentiated themselves from other cryptocurrency assets and markets. Though implied volatility forecasts for top altcoins like Ethereum suggest that the volatility spread with Bitcoin is dropping, it may hold true only until a breakout in Bitcoin’s price rally.
Over the past week, Bitcoin has gained by 5.89% while no other altcoin has held its position on the price charts. In fact, many of the alts in the top-10 have been at the end of a bloodbath. In light of these recent developments, it is pertinent to check out the correlation of different altcoins with Bitcoin, the world’s largest cryptocurrency, and its correlations with each other.