The spread between bitcoin and ether performance has evaporated, as many investors recognized an imbalance in their correlation. BTC had been outperforming ETH this year. Meanwhile, the ether supply continues to decline. GWilliamsJr_CMT writes
Ether has matched bitcoin in year-to-date performance because ETH’s’ supply continues to decline.
The change also comes as the ether supply has tumbled by 17,800 year to date. Many investors view ETH as a deflationary asset that will weather upward price pressure better than other digital assets and traditional currencies. Correlation coefficients range between 1 and -1, with the former implying a strong pricing relationship, and the latter indicating an inverse one.Investors may have seen BTC’s outperformance and ETH’s underperformance as overdone.
The confluence of those two factors caused the deterioration of the BTC and ETH correlation to accelerate.
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