Have you ever wondered how correlated a coin is with another coin? The correlation matrix below shows the correlation between every coin on Poloniex based on data for 2017 to date.
Not surprisingly, the likes of Steem Dollars which is intended to be linked to dollars has very low correlation with everything else.
There’s a lot of information here.
For those who are unfamiliar with this, the correlation ranges from -100% to +100%. A correlation of 100% means perfectly positively correlated i.e. the price movement is completely in sync. A correlation of 30% would mean mildly positively correlated meaning the two coins would move in the same direction on average but the degree of correlation is not strong.
Apart from the Steem Dollars observation, are there any other observations that stand out?
The first table shows the top 30 by market cap and the bottom table shows everything.
