Bitcoin Price vs. its Market Capitalization Dominance

Correlation Coefficient is a statistic measurement of correlation between two sets of data (of potentially any financial instruments) and shows the degree of relationship between them. It may help us to have a better understanding of market behavior. A few days ago, I came up with the idea of studying the correlation between Bitcoin ( BTC ) price in US Dollar ( BTCUSD ) and its Market Capitalization Dominance ( BTC.D ). So I made the setup chart and found something interesting. Bitcoin price sometimes has a very strong negative correlation with its Market Cap Dominance. In fact I'd better say that most of the time BTC has had negative correlation with its Market Cap Dominance. I think it is important and may lead us to have a better overview of how Bitcoin and other Crypto Currencies' (altcoins) market behave.

I searched Trading View for this subject and did not found any document related to this concept. If you know any documentation pertinent to this matter, please kindly let me know to include that in the proceeding research and analysis. I will update this study as research go on.
Appreciation for your attention,
© Ehsan Haghpanah (