Two Cryptocurrencies That Ignore Bitcoin Dynamics
LINK and ADA correlate with bitcoin rate less than stablecoin USDT.
Chainlink price has risen from Black Thursday levels by almost 1000%.
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According to the results of the Skew study, ADA and LINK rates correlate less than other leading altcoins with Bitcoin dynamics..
According to the results of research conducted by the analytical resource Skew, the two leading altcoins – Cardano (ADA) and Chainlink (LINK) – show the lowest degree of correlation with the Bitcoin exchange rate (BTC) compared to other top altcoins, including the stablecoin Tether (USDT).
According to Skew experts, two such popular altcoins as ADA and LINK turned out to be the most independent of Bitcoin dynamics among all altcoins in the top 10 by market capitalization. Their level of correlation with the main cryptocurrency of the world tends to zero.
Note that earlier this year, the analytical agency Santiment shared other data, according to which the most popular stablecoin, Tether, maintained an inverse correlation with Bitcoin. Accordingly, the amount of USDT on crypto-exchanges could directly affect the BTC rate..
Meanwhile, the weaker the correlation between assets, the more independent they are from each other..
What is the strength in, brother?
Recently, both of these altcoins have been in the spotlight of the crypto community. So, LINK recently entered the top ten cryptocurrencies in terms of market capitalization, and also became the leader in the DeFi asset market according to CoinMarketCap. In addition, yesterday, the BeInCrypto editors reported that altcoin surpassed Bitcoin in trading volumes on Coinbase..
All these positive news provide unconditional support to the currency rate, allowing it to renew historical highs. It has strengthened spectacularly from the $ 4.75 area lately and is trading in the $ 13.60 region at the time of writing, according to CoinMarketCap. In general, the coin has strengthened from the levels of “Black Thursday” on March 12 by more than 956%.
There is something to brag about and currency Cardano.
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The project’s ecosystem recently made a successful transition to the long-awaited Shelley mainnet. The new protocol is expected to fully decentralize the Cardano network, which should positively affect the ADA rate.
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