Bitcoin and ether both surged this week, the former hitting a 28-month high and the latter surpassing $20 for the first time. The combined rally of these two digital currencies from 10th June to 17th June helped shed further light on their relationship, a matter that has frequently drawn the attention of market analysts.
To date, the price of bitcoin and ether have correlated positively at some points and negatively at others. Since the two both surged in value in the week ending at 12:00 UTC on 17th June, their correlation was positive during the period, though on closer inspection this relationship is more inconclusive.
This situation contrasts significantly with the times when bitcoin and ether moved in different directions, which prompted some analysts to portray them as competitors. Sometimes, this negative correlation coincided with market observers highlighting bitcoin’s challenges and ether’s perceived flexibility.
But recently, the two have pushed higher in tandem, experiencing a positive correlation at a time when several developments have been grabbing the attention of market observers.
The upcoming halving on the bitcoin network and economic uncertainty in China all came up as factors that helped influence bitcoin markets.
Bitcoin climbed 33%