High correlation between bitcoin and cryptocurrency prices is coming to an end

The cryptocurrency price is highly correlated with Bitcoin and is almost synchronized in the first half of 2018. But Brad Garlinghouse, the CEO of ripple, said:”As the major differences between cryptocurrencies and their use cases were gradually understood by the cryptocurrency market, this correlation may be coming to an end. Although it is still too early, you will see a more rational market and behavior that reflects this phenomenon over time.

Garlinghouse said in an interview with CNBC on Wednesday: “There is a very high correlation between XRP price and Bitcoin price, but in the end these are independent open source technologies.”

Garlinghouse said that ripple set a record in the first quarter this year and signed contracts with 20 new companies. In addition, ripple announced on Wednesday that it had reached a deal with the largest bank in Kuwait and joined forces with a company like MoneyGram, which is already testing the feasibility of XRP's cross-border payments.

However, in the same period, xrp lost 70% of its value, making it the worst performer in the top cryptocurrency.

According to the data, the entire industry suffered a blow in the first quarter, and the market capitalization of cryptocurrency fell by more than 50%. In these three months, Bitcoin lost about 50%. Other currencies have also been affected to varying degrees, such as tether, Binance Coin (bnb coin),etc,.