Overall, it appears from these results that cryptocurrencies may experience short term intervals of co-movement, caused by sector wide news or cross market contagion, though correlation is likely to change dependent on the nature of the causal event and market environment. In the medium and longer term Bitcoin and Litecoin are strongly related; it is believed this is due to their similarity.
"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.

After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.