The relationship between Bitcoin and Ethereum is weakening

The monthly moving average, which shows the correlation of BTC and ETH, became less than 0.8. The indicator dropped to 0.78. According to Kaiko, the last time such an indicator was at the end of autumn 2021.

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These indicators suggest that the movements of these cryptocurrencies are no longer so consistent. Last month, Coinbase analysts gave an explanation for this trend.

A note. Correlation is the relationship between two quantities. In the context of cryptocurrencies, we are talking about changing the prices of two coins in a common direction.

They cited the reasons for the increased regulatory pressure of the Securities Commission on digital assets that differ from Bitcoin. The instability of the banking industry was also indicated as the reasons. As a result, interest in bitcoin has greatly increased.

Additionally, experts noticed that the weakening of the price relationship became more significant after the Shapella protocol was launched.

Recall that after the departure of 48 thousand validators, who withdrew over 1.55 million ETH coins from staking, they could not significantly affect the value of the cryptocurrency. This data was provided by Glassnode.

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