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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Morning News | Strategy has accumulated over 200,000 bitcoins so far this year; US SEC Chairman says US financial markets may move on-chain within two years
A summary of major market events on December 7th.
Crypto ETF Weekly Report | Last week, US Bitcoin spot ETFs saw a net outflow of $87.7 million; US Ethereum spot ETFs saw a net outflow of $65.4 million
UAE-based Mashreq Capital has included bitcoin ETFs in its new multi-asset fund.
Weekly News Preview | Federal Reserve Announces Interest Rate Decision; Stable Mainnet Launch
This week's top news highlights from December 8 to December 14.
Wang Yongli: Why did China resolutely halt stablecoins?
China is accelerating the development of the digital yuan, and its policy stance to resolutely curb virtual currencies, including stablecoins, has become fully clear. This approach is based on a comprehensive consideration of factors such as China’s global leadership in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.
Trending news
MoreMorning News | Strategy has accumulated over 200,000 bitcoins so far this year; US SEC Chairman says US financial markets may move on-chain within two years
Crypto ETF Weekly Report | Last week, US Bitcoin spot ETFs saw a net outflow of $87.7 million; US Ethereum spot ETFs saw a net outflow of $65.4 million
Crypto prices
More
