Analysis Company CEO Reveals: “These Two Altcoins Are Right on Bitcoin’s Tail! They Are Following Closely
Cryptocurrency analyst Joao Wedson and his CEO, the analytics firm Alphractal, made remarkable assessments regarding the Bitcoin and altcoin markets.
Wedson provided important data on correlation changes in the market and the future of altcoins.
Joao Wedson stated in his statement that altcoins have started to follow Bitcoin's footsteps again. Stating that the correlation between XRP and BTC decreased by 10% from 0.79% to 0.70%, Wedson stated that Solana's (SOL) correlation increased from 0.53% to 0.75%. Wedson said, “ETH and THETA stand out as the altcoins with the highest correlation with Bitcoin. This means that they closely follow BTC's movements.”
Wedson also said that 1,400 altcoins that were active in the market no longer exist. The analyst, who interpreted this situation as a positive development, said, “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.”
Alphractal, an analytics 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 said.
