XRP, Ethereum and Bitcoin Cash Dive in Altcoin Purge: What’s Triggering It?
www.newsbtc.com
The fall in altcoin prices closely followed similar downside movements in the bitcoin market. The benchmark cryptocurrency, which has a positive median correlation with almost every rival asset, itself plunged by as much as 3.25 percent on Thursday, as shown in the chart below.
Tezos’s XTZ, for instance, served as an intraday hedge for bitcoin investors as it rose by close to 3 percent on Thursday. Similarly, bitcoin’s 3.21 percent loss on a week-to-date timeframe matched shoulders with altcoins’ market cap loss of more than 1.5 percent.
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