Algorand Price Correlation
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In this dashboard, we want to find out:
- What is more correlated with Algorand price.
- Is it crypto market or network usage?
- What about other networks like Solana?
Method:
- Algo and Sol daily prices in the past 5 months are compared to:
- Bitcoin daily price
- Ethereum daily price
- Network daily transactions
- Daily transfers of Algo/Sol on each network
- Algo daily price is calculated by averaging hourly price of Algo from algorand.prices_swap table.
- BTC, ETH and SOL daily prices are calculated by averaging their hourly prices from ethereum.core.fact_hourly_token_prices table.
- The calculations of daily transfers and transactions of each network are extracted from their transfers and transactions table.
- The strong correlation between ALGO and BTC/ETH is obvious in the charts.
- Daily network transactions seems correlated with Algo price between March, 30th to May, 14th. and in other time periods it is less correlated.
- It seems that daily Algo Transfers doesn't have sensible correlation with Algo price
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- Algo price has a very strong correlation with BTC and ETH price.
- Algo price has a strong correlation with daily transactions.
- Algo price has a weak correlation with Algo transfers.
- The strong correlation between Solana and BTC/ETH is also obvious in these charts.
- Daily SOL transfers seems in most of the times seems to have a positive correlation with SOL price.
- Daily transactions show strong positive correlation with SOL price in some periods an strong negative correlation in some other periods. so, it seems that these two are not correlated.
- Solana price has a very strong correlation with BTC and ETH price.
- Solana price has a moderate correlation with daily SOL transfers.
- Solana price has no correlation with volume of daily transactions.
Conclusion
In the past 5 months:
- Both Algo and Solana prices have a very strong positive correlation with BTC and ETH, which means their price is correlated with market conditions.
- The Algo price has a strong correlation with daily Algo transactions volume. but Solana price does not have any correlation with its network daily transactions volume.
- Solana price has more correlation with Solana transfers than algo price has with Algo transfers.
- Algo price is more correlated with crypto market than network usage.
- Algo price has a stronger correlation with network usage than other networks like Solana.