Bitcoin, Binance Coin correlation hits record 98%; speaks to wider … – CryptoSlate

0

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! đź‘‹ You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.03 trillion with a 24-hour volume of $30.94 billion. The price of Bitcoin is $25,657.08 and BTC market dominance is 48.4%. The price of Ethereum is $1,602.37 and ETH market dominance is 18.7%. The best performing cryptoasset sector is Jobs, which gained 6%.
Unraveling the Bitcoin-Binance Coin correlation that could signal wider market trends
An intriguing observation from the crypto world highlights the significant correlation among prominent cryptocurrencies: Bitcoin and Binance Coin (BNB) have registered a striking correlation of 98% over the past year — an all-time high. As Bitcoin, the market-leading cryptocurrency, saw its value dip below the $26,000 mark, a corresponding decline was observed in BNB’s value. The BNB token has also dipped under $210, a significant drop from its year-to-date high of approximately $345.
This high correlation underscores the extent to which BNB relies on Bitcoin’s performance and suggests that market movements of the latter could serve as a significant indicator for the former. The shared downfall of these two prominent cryptos could implicate a broader market downturn, and this correlation might act as a critical metric for investors to anticipate future market trends.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
CryptoSlate’s latest report dives deep into the U.S. government’s decision to abandon the gold standard in 1971 and its far-reaching consequences, many of which are still unfolding today.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
CryptoSlate Insights explores Bitcoin’s surprising stability after a significant price drop and what it might signal for market dynamics.
Bitcoin futures are bearing the brunt as liquidation cascade triggers massive market shakeup.
Bitcoin landscape undergoes shift as major finance platforms see $125M outflow
Showing resilience in turbulent times, Bitcoin miners weather hash rate adjustments and energy price spikes
Divergence in Bitcoin’s supply dynamics signals a shift toward long term holdings, indicative of investor confidence despite market fluctuations.
Bitcoin miners see daylight as hash ribbons appear to signal an end to a tough phase of capitulation.
Unprecedented shift in Bitcoin funding rate signals market distress as $1B in liquidations reset the playfield
Unraveling the Bitcoin-Binance Coin correlation that could signal wider market trends
Bitcoin crumbles as short-term investors panic, flooding exchanges with coins
Bitcoin’s price divergence on Binance and Coinbase stirs questions in crypto market dynamics
Unpacking the impact of liquidations and market trends
Global currency crisis looms as USD skyrockets and bitcoin holds steady
Failure of the Fed to implement 2024 rate cuts may lead to equities market revaluation
Bitcoin miners see daylight as hash ribbons appear to signal an end to a tough phase of capitulation.
Lowered demand for Bitcoin tied to drop in Coinbase premium index amid sideways summer slump.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add [email protected] to your email whitelist.
Stay connected via

source

Leave a Reply

Your email address will not be published. Required fields are marked *