Cryptocurrency analyst Joao Wedson and his company Alphractal have presented key data regarding the state of the market, particularly about Bitcoin and altcoins.
Correlation Between Altcoins and Bitcoin
Wedson noted that altcoins have started to follow Bitcoin's movements again. The correlation between XRP and BTC decreased by 10%, settling at 0.70%, while Solana’s (SOL) correlation increased from 0.53% to 0.75%. Wedson stated, “ETH and THETA stand out as the altcoins with the highest correlation with Bitcoin. This means that they closely follow BTC's movements.”
Current Situation of Altcoins in the Market
According to Wedson, 1,400 altcoins that were active in the market no longer exist. The analyst interprets this as a positive development, saying, “This is excellent news. Because only the most durable projects survive. This makes the market stronger. The more secure, fast, and solving a real problem a crypto project is, the more valuable it is.”
New Bitcoin Metrics from Alphractal
Alphractal, a company led by Joao Wedson, announced that Bitcoin has entered a new phase of discovery in terms of on-chain metrics. The company stated, “The SOPR Trend Signal is rising for the third time in this bull cycle. This is a never-before-seen situation.” The metric is used to analyze periods when investors are selling at a profit. “What’s unique about this signal is that it reflects market trends through on-chain behavior. If the blue line goes below the orange line, it could be a bearish signal. But that’s not the case right now, so we just have to observe and stay calm,” Alphractal noted.
In summary, the latest data from Joao Wedson and Alphractal highlights significant changes in the cryptocurrency market, indicating a rise in durability and shifts in altcoins' correlations with Bitcoin.
