I think with the utility of Ethereum increases, the price will become more independent of Bitcoin. And in the last couple of days, I see many altcoins(valuable ones) becomes more resilient with Bitcoin price fluctuate. The market is still irrational and immature, full of gamblers want to make quick money, but I think that is a good indicator of how promising the market is. There will be crashes in the future, and I think that's not a bad thing, it will wash out most of the shitcoins and let money flow back to valuable project. BTW, the global stock market today is 78T, cryptocurrency won't cause the next financial crisis but this stock bubble will. should be interesting to see what happens then.
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Market has a long way to go before it is mature enough to rationally price assets, but I am looking forward to that moment. Obviously you can never be 100% efficient, but can say with certainty that this market is far worse than most when it comes to market efficiency. Another global economic event would indeed be an interesting event for Bitcoin because you can argue it both ways as good or bad.