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ISSN:2454-4116

International Journal of New Technology and Research

Impact Factor 3.953

(An ISO 9001:2008 Certified Online Journal)
India | Germany | France | Japan

Bitcoin and Ethereum: A Deep Dive into Their Relationship

( Volume 7 Issue 4,April 2021 ) OPEN ACCESS
Author(s):

Rohan Aanegola

Keywords:

Bitcoin, Cryptocurrency, Etheruem, Linear Regression

Abstract:

At the time of writing, there are more than 1000 cryptocurrencies existing, but only 2 of them, Ethereum and Bitcoin, have made news globally. Bitcoin, created in 2009 by Satoshi Nakamoto, and Ethereum, created in 2015 by Vitalik Buterin, have exploded in the past year, having more than a 1000% increase.  However, their price movements have not been entirely dissimilar. This paper intends to elucidate these similarities in price movements and formulate a relationship between the 2 cryptocurrencies. For this, three different methods were used. The first method was a graphical approach, in which the prices of the crypto currencies were recorded for 3 hours with 20 second intervals for a week and interpreted. The second method was a statistical approach, in which statistical variables such as standard deviation, correlation, etc. were calculated and conclusions were drawn based on these findings. Lastly, after observing that the relation between the crypto currencies was almost a linear one, a linear model was built to predict the price of 1 cryptocurrency given the price of the other with high accuracy, proving this linear relationship.

 

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