Crypto markets obviously move very closely one to another. What may be of interest is the delay between the moves.
My intuition is that bigger markets drives smaller one in time of peace, that is in relativy low volatility. In that context I have observed (but not measured) that the XBT/USD market was driving the ADA/XBT market with a delay of a few hours on BitMEX. That is when XBT/USD goes up, a few hours latter, ADA/XBT would also move up. And when XBT/USD would move down a few hours later ADA/XBT would move also down.
This correlation is weaker when markets move quickly as it is the case now for ADA/XBT, but do you share the same intuition ?
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Market analysis is a curiosity and your observations throw out some interesting patterns.
This is one factor in determining relationships between currencies, personally I factor in;
- Company news
- The average % statistic of currencies that make up people’s portfolios
- People’s confidence (Social Media, Forums etc)
The reason the pattern may emerge is that the majority may have similar portfolio in currency terms as 2 general rules that the majority follow is;
- Trend is your friend
- Follow the money
However I do agree @maliky that it is a fascinating pattern and a glimpse into the psychology of people in relation to investing and how they react to the actions of others, similar to panic buying I guess.
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