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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10x Research founder: Ethereum's weak fundamentals are becoming an obstacle for Bitcoin
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