The bitcoin price is on the move again, this time hovering right around $5,393 with a market cap of $95.12 billion with a trading volume of $14.68 billion. The total coin market cap has risen close to $4 billion and the BTC to USD price is now up $180+ in the last 24 hours.

The market has become very happy that the prices of Bitcoin are going up again. That is to be expected since a small bull run can always hype some investors. However, the CEO of Civic, Vinny Lingham, has a different idea.

He is afraid that the price increases do you come from the place, you see. His argument is that instead of being positive because of hype, he wants to see real development in the industry.

According to Lingham, many people believe that the crypto winter may be finally over, but he simply does not see any technical reason for that and say that this is not sustainable because the market has not decoupled may crypto assets from Bitcoin.

This happens, he believes, because Bitcoin leads the market and several worthless altcoins go up together with it. If BTC can double its price overnight, so can the other altcoins even if there is no real development behind them. This is very worrisome to him.

There Is A Correlation Between Bitcoin and Altcoins

Lingham believes that BTC is related in price with altcoins. That much is the truth. If you look at the metrics, you can find a clear correlation between the value of the assets, generally focused on Bitcoin. If BTC goes up, altcoins go up, it the main crypto asset goes down, altcoins go down.

It is difficult to decouple the assets, as they have a very high Spearman’s rank correlation coefficient, as calculated by Coin Metrics recently.

Most decoupling from BTC and altcoins is only for a small period. Even in times when there is an inverse correlation, it simply does not last long as, for most investors, Bitcoin and cryptocurrency are still the same things and we believe that is an important part of the whole point here. Most people believe that BTC and altcoins are inherently linked, but they do not need to be.

Bitcoin needs to be independent in order to really be able to grow or it will have to carry all these worthless altcoins. Sure, some of them, like Bitcoin Cash, Litecoin and Tron are very important and have their own reasons to grow, but the same cannot be said for tokens outside of the Top 50 and they go up with BTC as well.

Ultimately, this will be very healthy for the market, as the bad altcoins will fall into oblivion and the good ones will not necessarily need to go down together with BTC when the main asset of the industry faces some bad times.

Until that happens, Lingham affirms, prices will continue to be very hyped and to be speculative and this is only going to change when BTC is finally able to decouple for real.

Some change may be coming sooner than some people believe, though. Some market analysts have been affirming that BTC will not have a real bull run so soon and that it may not even go higher than $6,000 USD anytime soon. Altcoins, however, are bound to have real results and grow more than BTC.

It is hard to say what will happen, but looking at the altcoin market is basically a great way to see if decoupling will happen anytime soon.