10x Research founder: Ethereum's weak fundamentals are becoming an obstacle for Bitcoin
Markus Thielen, the founder of 10x Research, posted on social media that BTC and ETH are still highly correlated in this cycle, with a correlation coefficient of 95%. The weak fundamentals of Ethereum are becoming a hindrance to Bitcoin, as they prevent large-scale fiat currency inflows into the crypto ecosystem. In addition, Markus Thielen stated that in the previous 2020/2021 cycle, ETH was a driving force, as Ethereum was supposed to replace the traditional banking system. The minting of NFTs opened up a new area for crypto adoption, which could have extended to various personalized files on the blockchain, driving widespread adoption of "wallets". However, Ethereum developers did not respond quickly.
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