Bitcoin (BTC) and altcoin prices may have already reached their lowest point, according to a new Binance cryptocurrency swap analysis concluded on April 11th.
In the latest edition of its research bulletins, Binance Research, the stock market's dedicated analysis division, has investigated various current phenomena and trends in the cryptocurrency markets.
Among them was the correlation between Bitcoin prices and Altcoin, data from 2014-2019 confirming that the 90-day period in mid-March represented the longest period of strong correlation in the history of the market.
Depending on historical behavior, such periods tend to trigger trend reversals. The 90 days in mid-March included the $ 6,500 drop in Bitcoin to about $ 3,100, which led Binance to suggest that markets could now recover after the end of the record correlation period.
"After emerging from a period of the highest internal correlations in the history of cryptography, the data can support the notion that cryptomarket has already reached its lowest level," summed up l & # 39; exchange.
As reported Cointelegraph, Binance had already observed the evolution of the relationship between Bitcoin prices and Altcoin, concluding that altcoins became less correlated with Bitcoin but more compared to the USD.
The latest newsletter also provided information on the composition of investors in cryptocurrency: institutional investors control about 7% of the supply, according to Mr. Binance, about one-thirteenth of the institutional control of the stock market American.
Last week, another well-known voice endorsed the story that the cryptography markets had reached their lowest level.
Thomas Lee, Senior Market Analyst and Co-Founder of Fundstrat Global Advisors, pointed to the record readings of his so-called "Bitcoin Misery India (BMI)" in three years, as potential evidence that no other inconvenience would occur.
"The main delivery is […] Further proof that the bear market of Bitcoin has probably ended at $ 3,000, "he wrote on Twitter Thursday.