Quick take:
Ethereum is once again attempting to break away from the market influence of BTCETH’s correlation to Bitcoin has dropped significantly and is in territory last seen in early 2018The correlation could continue to drop as staking of the 32 ETH required for ETH2.0 intensifiesEthereum’s value could eventually break $500 before December 1st
Ethereum’s correlation to Bitcoin is once again dropping. According to data from Coinmetrics, ETH’s correlation to BTC has dropped significantly beginning in October. This feat was highlighted by the team at Unfolded via the following tweet that also pointed out that the correlation had dropped to levels last seen in early 2018.
Ethereum’s third attempt this year to break out from #Bitcoin, 1 month correlation at 49%, lowest since early 2018.
data: @coinmetrics pic.twitter.com/qIvjFv4Hev
— unfolded. (@cryptounfolded) November 8, 2020