Encrypted Trader: The strategy of diversifying portfolios is not feasible in the cryptocurrency industry

In the cryptocurrency industry, assets are related to bitcoin prices and it is not possible to effectively diversify the portfolio. Encrypted trader @CanteringClark said that the price of Bitcoin and Ark has a very high Beta. Beta is a measure of relevance. A beta of 1.0 means that the assets are completely relevant and therefore the trend is the same. A beta above 1.0 means that the asset's volatility is greater than the market (in this case, Bitcoin). In addition, he suggests that diversification does not work in the cryptocurrency industry.