Dogecoin/Bitcoin correlation index falls since October 2020

by in Cryptocurrency News

DOGE BTC

Dogecoin (DOGE) cryptocurrency was the discovery of this year. The coin began to rise in value last fall, but it achieved the greatest success in February 2021.

In the middle of last month, the DOGE rate reached $ 0.81.

Then a long correction began, and today the altcoin is holding the defense in the $ 0.5 region. Over the past 24 hours, digital currency capitalization has decreased by 1.5% to $ 6.515 billion.

Researchers from the CoinMetrics team drew attention to the weakening of Dogecoin's dependence on Bitcoin (BTC).

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The cryptocurrency price correlation index has been declining since October last year. Over the past few months, this indicator has fallen from 0.86 to 0.285 points.

If we compare the charts of the movement of BTC and DOGE, we can see that indeed the price of the latter periodically fell, when, on the contrary, bitcoin added in value. Today we are witnessing just such a trend again. Bitcoin is now rising in price, and the DOGE rate is weakening.

Analysts associate the coin's weak dependence on BTC with the behavior of the well-known inventor Elon Musk, who has been advertising Dogecoin on Twitter for several years. The posts of Tesla CEO provoke a surge in Internet users' interest in the DOGE cryptocurrency.