One of the largest crypto assets in the market, Ethereum (ETH), lost one percent of its market worth since the start of yesterday. The digital currency currently has a market capitalization of more than 18.3 billion and is the second biggest crypto coin after Bitcoin. The price of Ethereum against the USD was trying to go over 171,000 USD, however, the crypto asset has been unstable recently and it fell below 170,000 USD.
A short while ago, Binance released research on the crypto asset market. According to the recent study by Binance, in the crypto asset world, currencies are becoming more and more connected with one another. In the meantime, Ether is considered the most connected to the other crypto assets in the crypto market with a 0.69 coefficient. It was also demonstrated that the correlation between digital assets enhances when the market is in unfavorable conditions.
In most cases, a 0.5 correlation is considered to be pretty high and as the number approaches zero the digital currency becomes more independent and separated from the other crypto coins. According to the study, the biggest changes in correlation between coins have been noticed in the middle of last year. This shows that the crypto coins have a higher correlation with one another as the situation in the market goes downhill. At the same time, the connection between digital currencies decreases as the market improves. However, they did say that further long-term analysis is needed.
The price of Ethereum has been consistent for the last two weeks. After Ether failed to reach 171.05 USD and fell, it found support at 168 USD. The lowest point during the week has been 161 USD, which is the barrier for bears.