Cardano and Bitcoin now has a strong correlation, fueling a corresponding slump in price
According to data from IntoTheBlock, Cardano currently has a correlation score of 0.62 with Bitcoin, as of March 5. Among the top 10 altcoins Cardano exhibited the strongest correlation with over the past few days, with Bitcoin, the correlation has grown consistently. From a low of -0.04 as of mid-December to the current score, it is quite evident that Cardano's current price performance is massively dependent on Bitcoin.
Should Bitcoin print a new uptrend, chances are that Cardano will also pick up a bullish pace as bulls would be confident that the uptrend is backed by deep market fundamentals.
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