Research: Bitcoin is the only cryptocurrency whose correlation with other cryptocurrencies has declined over the past year

In the development of the cryptocurrency market in the past year, in the development of the cryptocurrency market in the past year, the correlation between cryptocurrencies has gradually increased. Among them, Bitcoin is the only cryptocurrency whose correlation with other cryptocurrencies has declined, while Ethereum has the largest correlation with other cryptocurrencies, while BSV, Tezos and other assets have the weakest correlation. When examining the correlation between two specific cryptocurrencies, the two assets with the most correlations are Ethereum and EOS (86%), while the two assets that are least relevant are BSV and Tezos (31%). In addition, the correlation of EOS and TRON with other cryptocurrencies has increased significantly in 2019, while the correlation of Tezos is still low this year. There is a high correlation between various assets, and it may be possible to draw a conclusion: at present, it is not possible to achieve true diversification of cryptocurrencies, and many crypto assets have yet to get out of the independent market.