Looking at the graph it is clear we are still trying to recover. in the pas, when BTC
is struggling most of the remaining coins start to correlate in a high degree with BTCUSD
. This graph shows the correlation against 9 other large coins. This graph is based on my previous top 10 index chart, minus BTC
starts to recover the market will go back to normal and stop correlating consistently over time.
The indicator i have used bellow is called Bitcoin
Correlation Indicator, over 5 periods.