Bitcoin (BTC) has reached a new an all-time high of $93,970.91 on November 19, about $500 higher than its previous price peak less than a week ago. BTC is up 3% in the last 24 hours.
According to CryptoSlate According to the data, Solana (SOL) closely followed Bitcoin’s performance, with a 2.7% price increase, reaching $244 at press time.
Meanwhile, Ethereum (ETH) remained stable with a decline of 0.1% during the same period, priced at $3,128.78. Notably, ETH has accumulated a negative performance of 5% over the past seven days, although its spot exchange-traded fund (ETF) net flows have turned positive recently.
Bitcoin Correlations
Ki Young Ju, founder and CEO of CryptoQuant, highlighted that ETH has achieved a low correlation with BTC for three years, with the pair’s Pearson correlation coefficient reaching 0.3 points. He added:
“Just because BTC is strong doesn’t mean you should buy ETH. Each asset now follows its own path.
The Pearson correlation coefficient tracks the relationship between two variables, ranging from -1 to 1. The closer the relationship is to 1 point, the more positively correlated the variables are.
On the other hand, Dogecoin (DOGE) maintains its bullish momentum, rising 10.7% daily to $0.408, its highest price since early June 2021. According to DefiLlama, DOGE’s correlation with BTC was 0.99 over the past month.
Add to the momentum
The new price spike comes amid increased optimism following the start of options trading on BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT).
Eric Balchunas, senior ETF analyst at Bloomberg, pointed out that the ratio of calls to puts on IBIT options closed at 0.17. This ratio means much more interest in calls than puts, which is a bullish setup.
He added:
“For context, this ratio for $SPY is 1.1 and $TSLA is 0.59 while $TLT is 0.79.”
During the first hours of trading, IBIT options saw volume of more than $446 million, which Balchunas called a “ton” for an opening day of trading.
