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    Algorand Price Correlation

    Q109. Is the price of Algorand more closely correlated with the crypto market, and assets such as BTC or ETH, or is it more correlated with network usage such as number of transactions or ALGO transfers? How does this compare to other networks such as Solana? Note your findings and anything else that may be interesting in relation to Algorand's price movement!

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    Daily price of Bitcoin from coindesk.com

    https://www.coindesk.com/price/bitcoin/

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    Correlation

    The correlation between historical prices or returns on Algorand and Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bitcoin are associated (or correlated) with Algorand.

    Network Usage Statics

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    Results

    1-Algorand price chart shows some corrolations with Ethereum price chart such as the high occured on both charts on first 10 days of Novamber 2021 or middle of January 2021 or first of April 2021 and the trend of both chart between these highs been similar as well

    2- Algorand shows such similarities with its own network usages charts but much lesser than Ethereum's price