Correlation Between BTC and anothers altcoins

[Sophiecisram]

I want to know if there is a tool to know the correlation between BTC and other altcoins. Thank you

[LeGaulois]

Here are 2 websites, they take the correlation coefficient to calculate the percentage influence of Bitcoin over an altcoin

https://correlation-chart.coinmetrics.io/
https://coinpredictor.io/altcoins

Of course, don't make this your only decision-maker

[Sophiecisram]

Thank you so much!

[TheUltraElite]

I want to know if there is a tool to know the correlation between BTC and other altcoins. Thank you

See LeGaulois's post above it should give some good insight into this.

But coming from a more experience based and subjective state, I have seen altcoins following bitcoin many times when the bullish trend starts. This follows a plateau and then an altcoin bleeding out as people start selling them. Bitcoin tend to maintain its plateau for longer periods before going bearish again.

Singularly an altcoin rarely do start a bullish trend but it is very short lived, often speculated to be coordinated pump and dumps backed by advisors to scalp off the market and exit the project they were advising. This sector is like that, if you are buying bitcoin, you can remain in peace if you bought at low prices and hoping for the long term profit. If you bought altcoins then it is a never ending cycle of anxiety and depression. Some do make money off it too.

[Xinarae*]

There is a correlation between BTC and other altcoins used for both currency and investment but the demand for bitcoin from Altcoin. Due to the high level of investment in Bitcoin it is at the top of the market and the price of other currencies increases depending on the price of Bitcoin. Altcoin prices and equipment requirements are rising while revenues are declining. the closer the cryptocurrency is to its limits the higher its rate, which makes it more attractive in terms of investing money. The number of individual private mines is low at the same time, new possibilities for mass production as part of a single network emerge various pool and mining companies are developing rapidly and gaining popularity.

[so98nn]

Here are 2 websites, they take the correlation coefficient to calculate the percentage influence of Bitcoin over an altcoin

https://correlation-chart.coinmetrics.io/
https://coinpredictor.io/altcoins

Of course, don't make this your only decision-maker

Interesting. Never thought of any tool like this, however little difficult to understand for user like me who only see integrity of the project and invest. Lolz.

If you could please explain little more about following things then it could be enriching discussion:
1) Network charts
2) Formula builder
3) Correlation chart.

What I see from 3rd one is just conversion rates in between btc price and chosen altcoin?

[el kaka22]

Whenever an altcoin starts a big bull run, I know that it will come down as well if the market doesn't follow because one coin could go up only so much before people want to move towards another coin to make another profit, but when the market goes up, you are stuck with one coin and you hopefully make profit with it but when you want to move to other coins they have gone up too so there is no reason to switch.

This is the reason why I highly doubt that altcoin and bitcoin correlation is as big as people imagine, sure bitcoin went up while altcoins stayed the same (lower in btc, similar in usd) but that was only this one time, doesn't mean that every single time bitcoin goes up, altcoins will go down, that is not going to happen, it will be like this or together but both could happen as much as the other.