Bitcoin and altcoin prices show the end of bear market trend — cryptomarket has already bottomed out, according to the latest Binance research.
Correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history. According to historical behavior, such periods tend to trigger trend reversals.
The 3 month to mid-March demonstrated Bitcoin’s drop from $6,500 to around $3,100, allowing Binance to predict that markets could now rebound following the end of the record correlation period.
“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” the exchange summarized.
As a reminder, Binance had previously keep tabs on the correlation between Bitcoin and altcoin prices, concluding altcoins were becoming less correlated with Bitcoin but more so against USD.