Bitfinex: altcoins give back gains, bitcoin weaker than gold and stocks
- —From September 1 to 8, 28 altcoins rose an average of 10%, bitcoin 1.4%
- —From September 8 to 15, 27 of 28 altcoins fell, median -7.9% versus -3.7% for BTC
- —Altcoin beta to bitcoin on the decline was 1.46
- —BTC correlation with the S&P 500 rose from 0.20 to 0.76, with gold fell from 0.79 to 0.51
Why it matters: The altcoin rally is driven by leverage rather than spot demand: without sustained buying, the market remains vulnerable to further declines.
Source: TokenPost