Price correlations between most cryptoccurencies are still very high

Analysis of price correlation from Anthony Xie, founder of Hodlbot shows that CCs are still in very young stage of blockchain industry. From 200 top coins by market capitalization, 75% has 0.67 and 50% has 0.80 correlation coefficient. Correlation coefficient is from -1 to 1. Pairs with coefficient 1 are moving always same direction, with 0 are not correlated, with -1 pairs are always moving opposite direction. According to analysis Bitcoin, Ethereum, Litecoin, Dash, Monero etc. has very strong correlations. Lowest found, -0.0013 is between Vechain and Dash. This informations can be very important for investors who wants hedge theirs CC portfolios and limit their investment risk.