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According to data from Hodlbot.io, trading software for the Binance platform, the correlation with respect to Bitcoin has been reduced in the different cryptocurrencies. This news is good for investors with a diversified portfolio, as it reduces the dependence of cryptocurrencies on Bitcoin.
The study states that the correlation between cryptocurrencies has gone from 0.89 last year to 0.58. To measure these data, 1 (positive correlation), 0 (no correlation), and -1 ( negative correlation.
So, whoever has a diversified portfolio can be in luck. Cryptocurrencies with solid fundamentals, such as BAT and its growing number of users; Litecoin and the long-awaited August Hardfork will see their price rise if the crypto market recovers.
