In the past, whenever the crypto market plummeted, and the prices were being drawn closer to the earth, the altcoins followed Bitcoin’s recovery and price movement closely. But much has changed given to the recent mid-may crypto market crash as the investors and traders are still trying to make sense of what happened and how quickly all of the stability and consistency that was in effect in the crypto market left them; dangling? The price drops, for example, are the prominent part of this whole crusade that is way too steep and narrow to be understood by the investors at the moment.
In general, the crypto market has lost about 40% of its market capitalization as the mid-may crash has ended and the trading month of June has started. The whole crypto market has declined, and the signs of its contraction are all over for the analysts and traders to see, but Bitcoin, on the other hand, has found a correlation with Ethereum as both undergo the same decrease or bump in the price as can be seen having the data of the past 30 days of trading in front of you.
Bitcoin’s Price Correlation with Ethereum Favors other Altcoins
It seems as if things have changed drastically, and we are living in the opposite world as Bitcoin’s price is tied to that of the other altcoins. As if the value of the market has been snatched from Bitcoin and given to the reset of the altcoins such as Ether and others. Although this might be a slight shift and of a temporary stature, Bitcoin is still leading the crypto market in all aspects.
There is a slight interpretation of the fact in the outside world that the Ether’s blockchain is more receptive and competitive than that of Bitcoin’s, which means that it is slightly being favoured more in enterprises that seek more technical edge than security which Bitcoin offers. Maybe that is for the future when Bitcoin would lose its prime focus and adoption from the investors and altcoins would rise to the occasion.