Binance, the Changpeng Zhao-led cryptocurrency exchange, has been in the limelight multiple times recently because of its updates and developments. The organization recently revealed a new research report which spoke about whether crypto-assets were highly correlated during Q2 of 2019.
The research report stated that cryptocurrency and digital asset market had experienced its best 3-month growth, which was measured based on the market’s overall market cap since 2017. The report read,
“Bitcoin (BTC) exhibited a high average correlation with other cryptoassets in Q1 2019, but it fell significantly in Q2, during which Bitcoin’s price increased by 300%, pushing its market dominance to above 60% and marking new highs for the year.”
During Q2 of this year, the cryptocurrency market received additions such as Binance Coin, LINK and Bitcoin SV, which exhibited low average correlations with existing cryptocurrency assets. According to the research,
“In line with Q1, Proof-of-Work assets displayed higher correlation with each other than with non PoW coins. Interestingly, PoW cryptocurrency average correlations fell the most in Q2, compared to the first three months of 2019.”
Binance stated that the overall performance of the crypto-asset market was “extremely positive” during the January-June period of 2019. The data provided by the organization showed that the market grew exponentially when compared to the bear performance towards the fag end of 2018. According to the analysis, the cryptocurrency industry rose by 139 percent in the last quarter, a performance that made it the third best-performing period since 2014. Binance further elucidated,
“In absolute dollar terms, the total USD value of cryptoassets increased by roughly $199 billion in the second quarter of 2019, the second-highest quarterly growth on record, ranked only behind the bull run of 2017 Q4.”
Binance was in the news recently after the cryptocurrency exchange decided to engage with Dogecoin, following which the meme-inspired cryptocurrency broke its 262-day high. The cryptocurrency shot up from $0.03015 to $0.0495 after Binance tweeted that they “…will Dogecoin.”