Bitcoin registers new all-time high inches away from $94,000

As DOGE shows absolute correlation with Bitcoin, Ethereum strays further to a three-year low.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin (BTC) reached a new all-time high of $93,970.91 on Nov. 19, roughly $500 above its previous price peak less than a week ago. BTC rose 3% over the past 24 hours.

According to CryptoSlate data, Solana (SOL) closely followed Bitcoin’s performance, with a 2.7% price increase, reaching $244 at the time of publication.

Meanwhile, Ethereum (ETH) stood still with a 0.1% drawdown in the same period, priced at $3,128.78. Notably, ETH has accumulated a negative 5% performance over the past seven days, despite its spot exchange-traded funds (ETF) net flows becoming positive recently.

Bitcoin correlations

Ki Young Ju, founder and CEO of CryptoQuant, highlighted that ETH reached a three-year low correlation with BTC, as the pair’s Pearson correlation coefficient reached 0.3 points. He added:

“Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”

The Pearson Correlation Coefficient tracks the relation between two variables, ranging from -1 to 1. The closer the relation gets to 1 point, the more positively correlated the variables are.

On the other hand, Dogecoin (DOGE) maintains its bullish momentum, rising 10.7% daily to $0.408, its highest price since early June 2021. According to DefiLlama, DOGE’s correlation with BTC has been 0.99 over the past month.

Adding to the momentum

The new price peak comes amid boosted optimism following the start of options trading on BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust ETF (IBIT).

Bloomberg senior ETF analyst Eric Balchunas pointed out that the ratio between calls and puts on IBIT’s options closed at 0.17. This ratio means much more interest in calls than puts, which is a bullish setup.

He added:

“For context, this ratio for $SPY is 1.1 and $TSLA is .59 while $TLT is .79.”

In the first hours of trading, IBIT’s options registered over $446 million in volume, which Balchunas called “a ton” for an opening trading day.

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