Popular altcoins like ETH, XRP, and TRX were seen following the footsteps of BTC as they mirrored BTC’s surge and drop. Bitcoin, with a market cap of $207 billion, is the largest cryptocurrency and the on-chain activities of the coin like transaction volume, active addresses, number of transactions, etc. have been influencing the growth of the coin’s market capitalization.
Market cap of altcoins is fairly lower than that of Bitcoin and crypto company Messari shared a cross-sectional study in an attempt to examine the correlation between the market cap of altcoins and its on-chain metrics.
Contrary to the time series analysis (which studies the advancements of one asset over different intervals of time), Messari used cross-sectional studies to determine the required data with multiple assets, at one point in time.