BTC and ETH Correlation
To determine the correlation between Bitcoin (BTC) and Ethereum (ETH) in 2023, we can analyze their monthly price movements. Here's a summary of their monthly closing prices:
|Month||Bitcoin (BTC) Price (USD)||Ethereum (ETH) Price (USD)|
From the table, we can observe that both Bitcoin and Ethereum have shown similar price trends throughout the year. For instance, both cryptocurrencies experienced a rise in prices in April and a decline in September.
To get a precise correlation coefficient, we would need to perform a statistical analysis. A correlation coefficient close to 1 would indicate a strong positive correlation, meaning that as one cryptocurrency's price increases, the other's does as well. Conversely, a coefficient close to -1 would indicate a strong negative correlation.
Would you like a numerical correlation coefficient calculated for these two cryptocurrencies based on the provided data?