Bitcoin has become like US stocks, and its rise and fall depends on the US. Bitcoin has lost its encryption spirit. This is the tragedy of web3. It has no internal driving force in its own field. It seems that gold is the same. It is just a big meme and a value storage function. The pull of altcoins still depends on Ethereum, the leader of the altcoins, which has an internal narrative, although it is very rubbish now. In the future, Bitcoin is likely to have a lower correlation with the altcoin cycle, and its functions are different. The last round of bull market was triggered by NFT and Defi. In this round, I think Meme will replace NFT, especially in the altcoin market with low circulation and high FDV.
