Almost everything in the crypto space binds to bitcoin in some intangible way.
Traditionally when the Bitcoin market fluctuates, it drags the altcoins with it. If Bitcoin rockets upwards, so to do the altcoins, though generally on a delay.
However what I’ve seen with Ethereum this last week has me wondering if it’s approaching the end of being able to be classified as an altcoin. Bitcoin has dropped from $40,000 to $30,000 in the last few weeks and has been hovering right around $32,000 at the time of this writing.
Ethereum also behaved similarly, but with one major difference, it recovered before Bitcoin indicating that it is gaining enough strength and support to stand beside Bitcoin as an equal.
Are we there yet? probably not, as the fluctuations do seem to have some influence, however are we approaching a time where bitcoin can no longer influence the price of Etherem?
More and more I’m thinking that it is not only a possibility, but likely.