In line with a recent ‘analysis report‘ published, the Institutional cryptocurrency prime dealer ‘SFOX index’ is presently reading the cryptocurrency market as “mildly bullish.”
While preparing the report, the firm collected data regarding price, volume and volatility from 8 major exchanges earlier in March so as to examine at the global performance of 6 leading coins namely Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Bitcoin SV [BSV] along with Ethereum Classic [ETC].to
The SFOX Multi-Factor Market Index reportedly indicates that the cryptocurrency market entered April as mildly optimistic, with Bitcoin Cash [BCH], Ethereum [ETH], and Litecoin [LTC] reporting remarkable volatility movements that weren’t linked to Bitcoin [BTC]. The analysis team postulated that the market at massive might be growing outside of Bitcoin [BTC].
Moreover, in terms of Bitcoin’s 30-days worth correlations to different coins, ETC was reportedly the least related to Bitcoin, with a correlation of around 0.685, whereas the least related cryptocurrency pair was LTC and ETC, with a correlation of 0.453. A correlation of ‘one’ is considered as the strongest.
The report additionally outlined that the correlation between BTC and ETC shriveled from the beginning of March through 20th March, having a low optimistic correlation of around 0.21.
Even earlier this week, the founder and chief executive officer of digital currency investment firm BKCM LLC named ‘Brian Kelly’ added that the next Bitcoin success target is expected to be $6,000 USD, with cryptocurrency markets finding their bottom.
Explaining further Kelly added:
“All indications that we’ve got – whether or not it’s fundamentals, technicals, the quantitative analysis we do all recommend that we probably have most likely started to put in the bottoming process. What’s fascinating regarding this move is it’s happening on fundamentals and improving institutional sentiment.”