The entire cryptocurrency market is known to be directed by Bitcoin forces. It is not uncommon that Bitcoin’s trend in the market waylaid altcoins’ fractal especially when the leading cryptocurrency is double-crossed by the bear.
However, recently evaluated data reveals that of all altcoins in the top 10 market table, XRP and XLM are almost completely resistant to Bitcoin’s engulfing force.
According to a 1-month Correlation data, XRP and XLM are the most self-governing cryptographic project against Bitcoin.
While XRP displayed a correlation figure of 56.52% against BTC within the above stated period, XLM was least correlative with 40.64%, correlation matrix reveals.
According to the data, the correlation between the price of BTC and other altcoins in the top 10 is relatively high. Ethereum presented an 85% correlation figure to BTC price and Litecoin had 79.03%.
Bitcoin Cash was most correlative to BTC, presenting 89.42%. This is probably due to the fact that the crypto project is a hard fork of BTC.
— Unfolded (@cryptounfolded) October 6, 2019
EOS, Binance Coin (BNB) and Bitcoin SV (BSV) also followed the same trend, with high correlation figures of 79.62%, 76.01%, and 81.57% respectively.
Is XRP and XLM Dependent on BTC in the Intraday Market
The crypto market is yet to be gloomy again after Bitcoin witnessed a slide into the $7K region over the weekend. As usual, the ecosystem has been affected and most altcoins are shedding out from their values.
Meanwhile, a few number of altcoins remain unaffected by the threatening bear overwhelming Bitcoin. The present behavior of XRP and XLM on the market chart marry up with the above data.
75% of altcoins are reddish but XRP is leading the game along the upside market trend with a whooping added value in the last 24 hours. Similarly, XLM is also displaying profitability.
Amongst the top ten coins, XRP and XLM have the highest added value in the last 24 hours against USD. Against BTC, XRP and XLM have added 6.26% and 2.76% respectively.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.