Data analysis: BTC and ETH correlation coefficients are not a definitive measure of bull or bear market

According to Skew data, BTC and ETH have maintained a relevant percentage of nearly 90% in the past two years. However, this correlation does not always point to a specific causal relationship. According to Coinmetrics.io, as of press time, the correlation coefficient between BTC and ETH is 0.7869. In the two weeks of September, Bitcoin experienced a period of stagnation, with price spreads ranging from $200 to $400. At the same time, Ethereum achieved an increase of about 13% and broke through key resistance levels. Therefore, the correlation coefficient is not a definitive measure of bull or bear market.