Market Wrap: Bitcoin Pushes Higher as Traditional Markets Decline

Ether (ETH) rose 2.6% and is maintaining a strong 30-day correlation coefficient (0.78) to BTC’s price. Correlations range between 1.0 and -1.0, with the former implying a direct relationship, and the latter implying a completely inverse relationship. Given their strong relationship, it’s unsurprising that ETH moved in tandem with BTC both in direction and in volume over the weekend. ETH reclaimed the psychologically important $1,300 mark. The supply for the second-largest cryptocurrency by market capitalization has now increased by 8,400 ETH since transitioning to a proof-of-stake consensus mechanism. Absent the switch, estimates indicate that ETH supply would have grown by over 140,000 ETH over the same time frame