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Zig-Zag: These Are Top Five Cryptocurrencies with Negative Correlation to Bitcoin

  • Alex Morris
    📊‍ Infographics

    Bitcoin, the biggest cryptocurrency, has always ruled the roost with altcoins copycatting its volatile price swings. However, the king of crypto is not omnipotent. U.Today presents the list of five  cryptocurrencies that do not follow Bitcoin


Zig-Zag: These Are Top Five Cryptocurrencies with Negative Correlation to Bitcoin
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The DataLight report shows that Repo Coin (REPO) recorded a 65.03 percent negative correlation during the period from April 2018 till March 2019. Its price stubbornly refuses to follow Bitcoin, which is a rare occasion for the lion’s share of popular altcoins.

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Giving up on Bitcoin

Repo Coin is tapping into the auto-repossession market. If the car gets successfully recovered, the users who reported this vehicle are awarded with REPO tokens.

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QBIT and DGTX also refuse to dance to Bitcoin’s tune with their negative correlation reaching 30.89 percent and 23.26 percent respectively. They are followed by Bitcoin Gold (BTG) and Chainlink (LINK).

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Balancing out

In layman’s terms, a negative correlation means that the price of any of these assets on the list usually goes up when Bitcoin goes down. Hence, it could help balance out your portfolio during a period of increased volatility.

As reported earlier by U.Today, Binance Coin (BNB) looks like another contender to decouple from Bitcoin. Its recent up-and-downs were not in synch with the number one digital asset.

Cover image via u.today
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Institutional Interest in Bitcoin Continues to Grow: Report

  • Alex Morris
    📊‍ Infographics

    Institutional Bitcoin trading volumes have been on the rise since the beginning of April, but there is only one winner in this game
     


Institutional Interest in Bitcoin Continues to Grow: Report
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According to a new study published by Blockchain research firm Diar, institutional Bitcoin trading volumes are growing for the fourth consecutive month. The fact that the number of CME futures contracts skyrocketed since the beginning of April is the icing on the cake.

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CME’s dominance

 As reported by U.Today, CME Bitcoin futures saw their daily trading volume increase by a whopping 950 percent with 22,542 contracts on Apr. 4. In fact, the sudden rise in Bitcoin price was linked to the expiration of CME futures.  

So far, that level of interest remained steady with 11,873 contracts traded on Apr. 11.


Institutional Interest in Bitcoin Continues to Grow: Report

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The only winner

With CBOE pulling the plug on Bitcoin futures due to its inability to compete with its Chicago-based rival CME, there is a clear winner in this race. While Diar calls CBOE ‘the biggest loser’, Grayscale's Bitcoin Investment Trust (GBTC) is not exactly on the winning side, either. It now accounts for 24 percent of the market, lagging behind CME (a far cry from its 50 percent market share back in January 2018).

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New heights

The dominance of institutional products has been steadily rising since January. As of April, institutional money is responsible for 19 percent of the total Bitcoin trading volume (almost 8 percent more than during the market peak in January 2018). However, it has yet to match its 24 percent market share that was recorded in July.

Cover image via u.today
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