The correlation between Bitcoin (BTC) and Cardano (ADA) has approached an all-time high.
The correlation between Cardano and Bitcoin has approached an all-time high, according to data from on-chain data provider Intotheblock. The increasing correlation pushes experts to think in parallel with the price of Bitcoin when predicting the price of ADA.
According to the data on March 5 0.62 correlation level in December 2020 -0.04 was level. Almost from the point of reverse correlation your 0.5 point this is what’s going on serious rise, It revealed the Bitcoin commitment to ADA’s price performance in recent months.
According to experts, the upward or downward movement of Bitcoin in the coming period may carry Cardano with it in the same direction. On the other hand, if this correlation is broken, the prediction of the direction of price movement will be interpreted independently of Bitcoin.
The correlation between Cardano and Bitcoin was also reflected in the price activity in a certain time frame. CoinGecko According to data from Cardano, in the last 24 hours 1.80% and in the last 7 days 10% experienced a decline. Bitcoin is in a 24-hour period 0.4%in the 7-day period 5% lost value.