Crypto Correlation Matrix: Top 20 Coins vs Bitcoin

Crypto Correlation Matrix

How closely the 20 biggest coins by open interest move together: the Pearson correlation of their daily log returns over the last 30 or 90 days, and each coin's beta to Bitcoin. Computed from Binance USDT perpetual daily candles.

Over the last 90 days the least BTC-correlated large cap is UNI (correlation 0.47, beta 1.20). BTC and ETH moved most alike (0.88); the average pair correlates at 0.58 across 20 coins. Highest beta to Bitcoin: PEPE (1.90), so a 1% BTC day has moved it about 1.9% on average.

20 coins90 daily returnsSource: Binance USDT perpsAs of 19:31 UTC

Least BTC-correlated large cap 90d

UNI 0.47

beta 1.20top 10 by open interest

Average correlation to BTC 90d

0.66

highest ETH 0.88

Most alike pair 90d

BTC / ETH 0.88

least alike NEAR / XAUT 0.26

Average pair correlation 90d

0.58

20 coins, 90 daily returns

Correlation matrix · 90 days

Coin	β BTC	Vol	BTC	ETH	SOL	HYPE	ZEC	XRP	NEAR	DOGE	BNB	SUI	UNI	ENA	LINK	TAO	LTC	WLD	PEPE	ONDO	ADA	XAUT
BTC	1.00	39%	1.00	0.88	0.83	0.64	0.55	0.87	0.48	0.80	0.72	0.70	0.47	0.56	0.75	0.70	0.61	0.48	0.75	0.52	0.76	0.55
ETH	1.21	54%	0.88	1.00	0.82	0.72	0.53	0.78	0.51	0.73	0.67	0.66	0.47	0.51	0.79	0.61	0.60	0.55	0.70	0.53	0.69	0.56
SOL	1.21	57%	0.83	0.82	1.00	0.69	0.56	0.76	0.59	0.75	0.68	0.74	0.49	0.55	0.79	0.74	0.59	0.54	0.65	0.55	0.70	0.46
HYPE	1.23	75%	0.64	0.72	0.69	1.00	0.57	0.62	0.57	0.55	0.59	0.50	0.52	0.52	0.60	0.50	0.42	0.53	0.52	0.33	0.53	0.48
ZEC	1.67	119%	0.55	0.53	0.56	0.57	1.00	0.54	0.62	0.50	0.46	0.46	0.46	0.44	0.58	0.45	0.44	0.39	0.50	0.38	0.52	0.36
XRP	1.51	68%	0.87	0.78	0.76	0.62	0.54	1.00	0.50	0.87	0.73	0.76	0.50	0.68	0.72	0.68	0.62	0.53	0.81	0.55	0.81	0.40
NEAR	1.19	96%	0.48	0.51	0.59	0.57	0.62	0.50	1.00	0.45	0.42	0.58	0.46	0.44	0.59	0.51	0.48	0.47	0.40	0.49	0.50	0.26
DOGE	1.33	64%	0.80	0.73	0.75	0.55	0.50	0.87	0.45	1.00	0.80	0.85	0.52	0.64	0.79	0.78	0.72	0.61	0.88	0.56	0.81	0.42
BNB	0.64	34%	0.72	0.67	0.68	0.59	0.46	0.73	0.42	0.80	1.00	0.67	0.54	0.60	0.69	0.58	0.64	0.48	0.68	0.48	0.68	0.39
SUI	1.44	80%	0.70	0.66	0.74	0.50	0.46	0.76	0.58	0.85	0.67	1.00	0.47	0.66	0.76	0.78	0.68	0.66	0.76	0.65	0.75	0.36
UNI	1.20	99%	0.47	0.47	0.49	0.52	0.46	0.50	0.46	0.52	0.54	0.47	1.00	0.50	0.51	0.43	0.45	0.46	0.47	0.37	0.51	0.31
ENA	1.73	120%	0.56	0.51	0.55	0.52	0.44	0.68	0.44	0.64	0.60	0.66	0.50	1.00	0.64	0.50	0.53	0.52	0.63	0.47	0.63	0.26
LINK	1.23	64%	0.75	0.79	0.79	0.60	0.58	0.72	0.59	0.79	0.69	0.76	0.51	0.64	1.00	0.71	0.72	0.65	0.70	0.66	0.71	0.41
TAO	1.45	80%	0.70	0.61	0.74	0.50	0.45	0.68	0.51	0.78	0.58	0.78	0.43	0.50	0.71	1.00	0.53	0.55	0.69	0.57	0.62	0.37
LTC	0.86	55%	0.61	0.60	0.59	0.42	0.44	0.62	0.48	0.72	0.64	0.68	0.45	0.53	0.72	0.53	1.00	0.52	0.64	0.67	0.67	0.29
WLD	1.27	103%	0.48	0.55	0.54	0.53	0.39	0.53	0.47	0.61	0.48	0.66	0.46	0.52	0.65	0.55	0.52	1.00	0.57	0.47	0.55	0.41
PEPE	1.90	98%	0.75	0.70	0.65	0.52	0.50	0.81	0.40	0.88	0.68	0.76	0.47	0.63	0.70	0.69	0.64	0.57	1.00	0.50	0.77	0.39
ONDO	1.24	93%	0.52	0.53	0.55	0.33	0.38	0.55	0.49	0.56	0.48	0.65	0.37	0.47	0.66	0.57	0.67	0.47	0.50	1.00	0.55	0.31
ADA	1.49	77%	0.76	0.69	0.70	0.53	0.52	0.81	0.50	0.81	0.68	0.75	0.51	0.63	0.71	0.62	0.67	0.55	0.77	0.55	1.00	0.42
XAUT	0.33	23%	0.55	0.56	0.46	0.48	0.36	0.40	0.26	0.42	0.39	0.36	0.31	0.26	0.41	0.37	0.29	0.41	0.39	0.31	0.42	1.00

How to read it. Each cell is the Pearson correlation of two coins' daily log returns over the last 90 completed UTC days: 1.00 means they moved in lockstep, 0 unrelated, negative in opposite directions. β BTC is how much the coin has moved per 1% Bitcoin move; Vol its annualised realised volatility over the same days (ranked for 100 perps on the volatility screener).

Coins are the 20 with the most perpetual open interest that list a Binance USDT perp. Daily candles come from Binance's public futures API and refresh a few times a day. A coin needs returns on 80% of the days to be included. Not financial advice.

Crypto correlation FAQ

What does crypto correlation mean?

Correlation measures how closely two coins' daily price moves line up, from +1 (they always move together) through 0 (unrelated) to -1 (they move in opposite directions). Most coins correlate strongly with Bitcoin, so a portfolio of altcoins is often less diversified than it looks.

How is the matrix calculated?

For each coin we take its Binance USDT perpetual daily candles (UTC days) and compute the daily log return, ln(close / previous close). Each cell is the Pearson correlation of two coins' returns over the days both have, in the last 30 or 90 completed days. The matrix covers the 20 coins with the most perpetual open interest across Binance, Bybit and Hyperliquid, and refreshes a few times a day.

What is beta to Bitcoin?

Beta is how much a coin has moved per 1% move in Bitcoin: the covariance of its daily returns with BTC's divided by the variance of BTC's. A beta of 1.5 means the coin has typically moved 1.5% on a 1% BTC day. High correlation with high beta means an amplified Bitcoin trade.

Why are some coins missing?

A coin needs daily returns on at least 80% of the window's days, so recently listed coins drop out of the 90-day matrix first. Excluded coins are listed under the matrix. Coins without a Binance USDT perpetual are not covered. Nothing here is financial advice.