Binance has carried out a correlation analysis for crypto assets. According to the findings, the past three months show a high level of correlation in USD returns for the top 30 crypto assets sorted by market cap. Among the cryptocurrencies in question, bitcoin showed the highest correlation, and Binance refers to it as “the bellwether of the industry.”
On the other hand, BTC-denominated returns showed a much lower correlation than USD-denominated returns over this period as well as when compared to late 2017. However, the correlation between crypto-asset returns in USD terms increased, which concurred with the rise of stablecoins, Binance notes.