Many are expecting BTC to turn downwards within days, continuing a larger correction wave that started from the previous all time high around September 1, when the price reached about $4990. During the following two weeks the price declined to a low of around $2970, or -40%.
How did the other coins perform during this major downturn in BTC?
I looked through all the coins currently held in my portfolio and simply checked how they behaved during these two weeks in September. In USD terms, the correlation was almost perfect for many of them. Although some coins gained during a few days, at the end of the two weeks all of them had lost 50% or more. The below charts illustrate some of them.
What is your strategy for a coming drop in the BTC price? Will you hold on to your positions or are you considering selling?
The next step is of course to look at the behavior of each coin at the same period of time, but in terms of BTC.