On May 10th, Markus Thielen, founder of 10x Research, said in a social media post that during this cycle, BTC and ETH are still highly correlated, with a correlation coefficient of 95%. The weak fundamentals of Ethereum are becoming an obstacle for Bitcoin, as they prevent large-scale fiat flows into the crypto ecosystem.
In addition, Markus Thielen said that in the last 2020/2021 cycle, ETH was the driving factor, as Ethereum was supposed to replace the traditional banking system. The casting of NFTs opened up new areas of crypto adoption, which could have been extended to various personalized files on the blockchain, driving widespread "wallet" adoption. However, Ethereum developers did not respond quickly.
Founder of 10x Research: Ethereum's weak fundamentals are becoming an obstacle for Bitcoin
2024-05-10 15:14:00
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