statistics, Shiba Inu was showing a low 30-day price correlation with Bitcoin at 0.25, or 25%. This may indicate a decoupling from the price action of Bitcoin, indicating that SHIB's price movement is less likely to be influenced by the broader movement of the market. If this is sustained, it also suggests that the Shiba Inu price might be prepared to make a"distinct" move.
For comparison, stablecoins Tether , USDC and Binance USD had their Bitcoin 30-day correlation at 0.21, 0.23 and 0.27, respectively. Other assets such as Polygon had a high correlation with Bitcoin of up to 0.96.how an asset's price moves in relation to the price of Bitcoin. Since the cryptocurrency market is still nascent, most assets have a high correlation with Bitcoin, which means that their prices are anticipated to move in lockstep with Bitcoin's.
The Shiba Inu price briefly decoupled from Bitcoin and the rest of the pack after posting an impressive 35% rise earlier in August. As indicated by on-chain analytics firm Santiment, the Bitcoin price remains lackluster as traders shift their attention to altcoins."Bitcoin has slumped since briefly jumping back above $25k on Aug 14th. As traders have turned their attention to #Ethereum and #altcoins, $BTC transactions are mostly happening at a loss.