One analyst said that Bitcoin could suppress Ethereum, which could lead to a decline in the altcoin market.
Ethereum (ETH) caused concern as the ETH/BTC pair fell to a three-year low. “ETH/BTC hit a new low of 0.03496,” Galaxy Head of Research Alex Thorne said in a Nov. 5 post on social media platform X. Development under discussion ETHOf BTCIt shows that it has lost its value. However, a downward movement can be expected in the altcoin market.
Analysts are not yet optimistic for the altcoin market.
A reversal for the ETH/BTC parity is currently not possible, said crypto analyst Zack Voyle. “Don’t ignore the ETH/BTC decline due to the US presidential election,” Voell said. Crypto observer Colin TalksCrypto echoed a similar sentiment, saying, “ETH/BTC will fall further.”
According to data from TradingView, the trading parity of Ethereum against Bitcoin is about 0.035. This is the lowest rate since March 2021. The equity last rose sharply in March 2021, when it was at these levels. After this level, in the two months to May 2021, the parity increased to 0.077, and the price of ETH reached $3,928, an increase of 120 percent.
ETH, which traded at $2630 as of press time, could start a rally with a weekly close above $3000. The leader of altcoins, which is very weak compared to BTC, may again attract the attention of investors with increasing volume.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
