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Chainlink, REN, and BAND decouple from Bitcoin. Here’s what it means for the market

Bitcoin has shown immense promise to the investors over the years, even though its growth may have currently been restricted due to a consolidating market. Despite the stagnated growth period, the coin has been returning 49% in YTD. Due to a strong correlation between BTC and most major alts along with other cryptocurrencies, the overall trend has remained the same in the market. However, the coins that have decoupled from the largest crypto has been witnessing more growth, like Chainlink [LINK]. Source: CoinMetrics The above CoinMetrics’ correlation chart indicated that the peak in the correlation between BTC-LINK spiked after the…

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Bitcoin’s price correction rewrites its relationship with the alts

The cryptocurrency market has been a great place for traders, until recently. Over the weekend there was a major correction setting in the market, that changed the existing trends in the market. As Bitcoin’s price crumbled under $12k, the unprecedented pressure in the market pushed its value briefly under $10k. The lowest price level seen by BTC during the course of correction was $9,825. However, the price managed to surpass the $10k price level and was currently trading at $10,175. Even though BTC lost nearly 13% of its value over the past week, the new consolidation point has been looked…

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Bitcoin correlation tells this story about volatility in the market

After volatility hit the consolidating market of Bitcoin, the value of the asset was driven to a peak of $12,473 on 17 August. However, ever since the traded value of the asset has remained in the mid-$11k level. At press time, BTC was valued at $11,586 with a high correlation coefficient of 0.4751 with the S&P500. This was not an ideal situation for traders in the market, however, given the price action at the time, this was expected. As per Plan B’s observations, the two assets have been moving together since the beginning of the US-China trade war in Q1…

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