[Taklimakan Blog] Correlation between BTC and ETH Hits Two-Year High
Average monthly dependence of ether (ETH) on bitcoin (BTC) hits two-year low amid a rally in second-largest cryptocurrency
The correlation of ether (ETH) with bitcoin has hit a two-year low. This is evidenced by the data of the IntoTheBlock resource. Starting on April 20, the dependence of ETH on BTC began to fall sharply, and on April 26 it sank to a two-year low.
Plus, according to the on-chain data provider, big investor money has pushed ETH to new heights. For example, starting in February, ether’s growth has been fueled by a consistently high number of large transactions ($100K or more). More than 5 thousand such transactions are registered in the network every day.
For example, from January to December 2020, the maximum was only 7.2 thousand large transactions. The new maximum has already been set at around 18.4 thousand large transactions. Along with the growth of the ETH rate, the volume of transactions in dollar terms also increased. For example, on April 7, the dollar volume of transactions on the Ethereum network soared to $66.7 billion. This is an absolute record in the daily interval.