Ethereum’s Correlation to Bitcoin Drops to Early 2018 Levels

Quick take:

Ethereum is once again attempting to break away from the market influence of BTCETH’s correlation to Bitcoin has dropped significantly and is in territory last seen in early 2018The correlation could continue to drop as staking of the 32 ETH required for ETH2.0 intensifiesEthereum’s value could eventually break $500 before December 1st

Ethereum’s correlation to Bitcoin is once again dropping. According to data from Coinmetrics, ETH’s correlation to BTC has dropped significantly beginning in October. This feat was highlighted by the team at Unfolded via the following tweet that also pointed out that the correlation had dropped to levels last seen in early 2018.

Ethereum’s third attempt this year to break out from #Bitcoin, 1 month correlation at 49%, lowest since early 2018.

data: @coinmetrics pic.twitter.com/qIvjFv4Hev

— unfolded. (@cryptounfolded) November 8, 2020

According to the latest ETH2.0 development update, the Genesis of Phase 0 will need at least 16,284 validator deposits of 32 ETH each to trigger the event. On-chain data from CryptoQuant.com suggests that this process is 8.56% complete with 44,864 ETH currently deposited in anticipation of ETH2.0.

Below is a summarized version of the progress of ETH2.0 courtesy of Unfolded and the team at CryptoQuant.

ETH 2.0 dashboard by @cryptoquant_com :

– Phase 0 Success Rate: 8.56%
– Phase 0 Unique Validators: 204
– Total Value Staked: 44,864 $ETH
– ETH 2.0 Staking Rate: 0.12% pic.twitter.com/goC8bRvjiZ

— unfolded. (@cryptounfolded) November 8, 2020

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