Correlations in the crypto market are rising. On the chart we can see how closely BTC and ETH have followed each other over the past seven days, and their 90-day correlation is nearing all-time highs.
The increased correlations between the largest cryptocurrencies are part of a broader trend of increased correlations in the financial markets. Bitcoin's 90-day correlation with the S&P 500 is currently sitting at an all-time high of 0.58, while its correlation with the tech-oriented Nasdaq index is even higher.