Nasdaq Dynamics Affects Ethereum More Than Bitcoin: CME Report

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Analysis from CME analysts indicates that the high-tech Nasdaq 100 index tending to have a positive, yet moderate, effect on the Ethereum to Bitcoin exchange rate.

The yearly moving correlation between the two, reveals an average of 0.2, and has even elevated to 0.3 in certain times.

The report states that this proves that Ethereum tends to gain more on days where technology stocks are increasing.

Experts believe this is due to practical applications that Ethereum has been utilized for, the nature of digital gold being a volatile investment, and capitalization and tokenomics differences.

Conversely, the effect of the dollar index to a basket of ten major currencies is more negative, but still weak, with a yearly moving correlation of -0.2.

Relationship between ETHBTC and changes in interest rates, gold futures, and crude oil soon followed, with an average close to zero. Finally, the 30-Day Moving Average relationship of the two major digital assets is estimated to be 0.85.