Shiba Inu remains outperformer among top assets
According to data from CoinMarketCap, the Shiba Inu is up nearly 8% within an hour, printing a huge green candle as seen on the hourly chart. At the time of publication, the Shiba Inu was trading up 8.78% over the past 24 hours at $0.000001433. Apart from Ethereum Classic, which was registering a gain of 10.3% in 24 hours, Shiba Inu continues to be an outperformer among the top assets, which is currently up 9%.
At press time, Bitcoin and the rest of the market were attempting another rebound as investors scurried to buy dips. Bitcoin was slightly up by 1.45%, and Ethereum was likewise up 4%, with several altcoins posting mild gains.
As reported by U.Today, the Shiba Inu is set to embark on a “typical move” as its relationship with Bitcoin has fallen to its lowest in months. The Shiba Inu’s relationship with bitcoin has dropped further from 25% previously reported.
Shiba Inu’s correlation to Bitcoin drops further
According to IntoTheBlock statistics, Shiba Inu was showing a low 30-day price correlation with Bitcoin at 0.17, or 17%. This may indicate a decoupling from the lackluster Bitcoin price action, indicating that SHIB’s price movement is less likely to be influenced by the broader movement of the market.
According to IntoTheBlock, the “correlation to bitcoin” indicator helps to track how the price of an asset changes in relation to the price of bitcoin. Most of the assets have a high correlation with bitcoin as the cryptocurrency market is still in its infancy. This implies that for these assets, it is expected that their prices will rise in lockstep with bitcoin.
Crypto assets with a low or negative correlation to Bitcoin often present an edge in case Bitcoin price underperforms.
After seeing a notable 35% increase earlier in August, the price of the shiba inu briefly detached itself from bitcoin and the rest of the group. According to on-chain analytics firm Santiment, the price of bitcoin remains low as investors favor alternative cryptocurrencies.
