Ethereum and Bitcoin correlation weakens as upgrades progress By Investing.com

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© Reuters.

NEW YORK – The digital currency space is witnessing a divergence in the performance and correlation of its two biggest players, and . Recent data from Kaiko Research indicates that the relationship between the two cryptocurrencies has weakened, with their correlation dropping below the long-term average of 0.71.

This change comes despite Ethereum experiencing a significant increase in trade volume. However, unlike Bitcoin, which has seen a rally fueled by the anticipation of spot exchange-traded fund (ETF) approvals, Ethereum’s price has not followed suit with similar speculative growth.

In the backdrop of these market movements, the Ethereum network is undergoing substantial upgrades. These improvements have been successfully implemented on testnets, signaling progress in the network’s development.

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