Prices of Bitcoin SV And Ethereum Classic Move Independently From Bitcoin
Recently a cryptocurrency dealer SFOX released a report which indicated that all major crypto assets finished January with high month-on-month gains. However, there were some unexpected competitors such as Bitcoin SV and Ethereum Classic, which gained more than 100%.
While prices has been on the rise, joined with steady growth in offered institutional products and regulatory clarity, there are still uncharted areas. SFOX points that they are questions about Bitcoin as a safe-haven asset, the level of institutional interest, and the influence of the forthcoming halving on Bitcoin’s price.
Bitcoin’s 26% rise in January saw the price increase from under $7200 at the beginning of the year to around $9050 by the end of the month. However, if we consider price movements, Bitcoin SV took the first position, gaining 81,64% per day on January 13. The coin also saw a 222,54% month-on-month value gain.
The report reads:
“All leading crypto-assets showed greater month-on-month gains than those of gold and the S&P 500.”
Analyzing 30-day volatilities of major cryptocurrencies, SFOX stated that volatility “made a comeback” in January. SFOX also noticed that all the cryptocurrencies analyzed were more volatile at the end of the month, than at the beginning.
Looking at it as a percentage of Bitcoin’s 30-day price movements, volatility of BSV and ETC increased dramatically, independently of Bitcoin’s. SFOX also maintained that correlation between Bitcoin and the two cryptocurrencies remained relatively low, which is consistent with high volatility observed throughout January.
Bitcoin’s correlation with both Ethereum Classic and Bitcoin SV was estimated at ~0.5.
As of writing, the price of Bitcoin was $9885, with a 24-hour trading volume of $38.18 billion. As the king coins’ price performance fluctuates, speculations rise about it finally crossing its psychological resistance of $10,000.