SFOX Index Reading Current Crypto Market Fairly Bullish
Institutionally crypto currency, the main dealer, the SFOX index now reads the digital currency market as "quite bullish," according to a report published on April 4 yesterday.
In the process of preparing the report, the company collected data on prices, volumes, and volatility from the eight major exchanges in March to test the performance of six world-leading coins: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC ), Bitcoin SV (BSV), and Ethereum Classic (ETC).
The SFOX Multi-Factor Market Index reportedly indicated that the crypto currency market entered April in fairly bullish conditions, with Bitcoin Cash, Ethereum and Litecoin also reporting extraordinary volatility movements not connected to Bitcoin. The research team postulated that the market in general can grow outside of Bitcoin.
In terms of the 30-day Bitcoin price correlation with other coins, ETCs are reported to be at least correlated with Bitcoin, with a correlation of 0.685, while the most correlated crypto currency pairs are LTC and ETC, with a correlation of 0.453. Correlation 1 is considered the strongest.
The report further notes that the correlation between BTC and ETC decreased from the beginning of March to March 20, having a low positive correlation of 0.21.
Earlier this week, founder and CEO of BKCM LLC's digital currency investment company, Brian Kelly, said that the next Bitcoin target would be $ 6,000, with the crypto market finding the bottom.
"All the indications we have - whether fundamental, technical, quantitative analysis that we do - all show that we might at least have begun to enter the bottoming process. What's interesting about this step is that there is a fundamental increase and an increase in institutional sentiment. "