Opinion: Ethereum price is highly dependent on bitcoin

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Ether (ETH) is still heavily dependent on Bitcoin (BTC). Sometimes the correlation index of the two cryptocurrencies goes down, but in general, the altcoin continues to move in the same direction as BTC.

The leading altcoin is up another 10% this week. Last Wednesday, the air for the first time in history came close to $ 4,700. However, the coin quickly retreated and is now trading at $ 4530.

Danny Chong, representing the development team of the Tranchess platform, said that in the future, ETH will not be able to get rid of Bitcoin. Altcoin will not be able to achieve independence and, together with the first cryptocurrency, will react to the news background and the dynamics of traders’ activity.

To form an approximate model of the behavior of the ether, you need to track the behavior of BTC and, based on such data, predict the change in the ETH rate.

Ryan Rabaglia of OSL shares a similar view. In his opinion, the NFT token market will be another factor driving the growth of the altcoin value.

This ecosystem, deployed on Ethereum, has enormous potential, and the number of its users is constantly growing. Accordingly, the volume of investments in the underlying asset of the network will increase, which will have a positive effect on its value.

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