Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,667,715,724	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,667,715,724

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00441	3.29%	0.13862	0.13862	0.13867

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00441

3.29%

0.13862

0.13867

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13876	0.13288	0.13383	0.13421	0.055786 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13876

0.13288

0.13383

0.13421

0.055786 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:05:30	29.90	0.13862	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:05:30

29.90

0.13862

USD

Price x Volume	Volume	Base Symbol	Related Pairs
13,768,085.69	102,139,336.45	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

13,768,085.69

102,139,336.45

Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano

30/11/2023 12:00am

NEWSBTC

In the last two months, Bitcoin (BTC), the world’s most valuable cryptocurrency, has been increasingly decoupling from XRP, the native currency of the XRP Ledger (XRPL), and BNB, the coin priming the broader Binance ecosystem. While this pans out, Dogecoin (DOGE) and Cardano (ADA) remain mostly correlated with Bitcoin. XRP, BNB Decoupling From Bitcoin While rising de-correlation suggests that the market is maturing and becoming more sophisticated, secondary factors could make some of the top altcoins decouple and chart their courses away from the tight grasp of Bitcoin. Related Reading: XRP Community And Cardano Founder Engage In Heated Clash Sharing data from Kaiko, a blockchain analytics firm, @cryptobusy on X notes that the correlation between Bitcoin, XRP, and BNB has been contracting in the last two months. Meanwhile, BTC, Dogecoin, and Cardano prices have been moving in sync despite fundamental factors of each project impacting price action over this period. The drop in correlation indicates that altcoins are increasingly gaining more market share from Bitcoin. This drop in Bitcoin dominance happens especially whenever certain altcoins move independently and are not influenced by how Bitcoin trends. In most cases, like it has been the case in Q4 2023, a spike in Bitcoin prices triggers altcoin demand, lifting them as a result. Besides Cardano and Dogecoin, for instance, Solana (SOL) and Tron (TRX) are two altcoins that have been rallying and tracking Bitcoin. Additionally, the drop in correlation could mean the altcoin scene is maturing, and more investors are keen on picking out projects that offer more utility, not just BTC proxies. With more investors, altcoins tend to be more liquid, drawing even more capital. BNB, XRP, BTC Impacted By Fundamental Factors Even so, there could be more that explains the decoupling, especially with BNB and XRP. Seismic fundamental events have impacted BTC, XRP, and BNB ecosystems in the last two months. Related Reading: A Golden Opportunity For Ethereum? 600% Buy Signal Returns The United States Securities and Exchange Commission (SEC), for instance, is likely to approve multiple spot Bitcoin ETFs filed by several heavyweights, including BlackRock and Fidelity, in the coming weeks. Hopes of the regulator authorizing these derivatives tracking spot BTC prices have catalyzed demand, lifting the coin to new 2023 highs. Meanwhile, a United States court ruled in favor of XRP being a utility when sold to retailers. The case initially forced prices higher, but the coin tracked lower throughout late Q3 2023 and 2024, only steadying as BTC rallied. At the same time, BNB was negatively impacted by Changpeng Zhao, the founder of Binance, resigning in November 2023. The Department of Justice also fined Binance with a $4.3 billion penalty as a settlement. Feature image from Canva, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

DOGEUSD Dogecoin