Recently, there has been a remarkable development in the cryptocurrency market. Concerns are growing that Bitcoin may surpass Ethereum, leading to declines in the altcoin market. In particular, Ethereum’s ETH/BTC parity has fallen to a three-year low, creating uncertainty among investors.
Galaxy Research President Alex Thorn announced in his post on social media platform X on November 5 that the ETH/BTC parity dropped to 0.03496. This shows that Ethereum has experienced a significant loss of value against Bitcoin. This development may herald a broader downward movement in the altcoin market.
Negative Opinions for the Altcoin Market
Crypto analyst Zach Voell made an important assessment at this point. Voell stated that the current situation of the ETH/BTC parity does not indicate a reversal and that the current low levels may deepen further in the coming period. Voell said, “Do not ignore ETH/BTC reaching its lowest level due to the US presidential election,” and emphasized that the market is full of uncertainties.
On this point, crypto commentator Colin Talks Crypto expressed a similar opinion. Colin painted a pessimistic picture about the state of the market, saying, “ETH/BTC will fall even further.” For investors, such negative comments may affect their investment decisions.
TradingView Data and Historical Comparisons
According to TradingView data, Ethereum’s trading parity against Bitcoin is approximately 0.035. This is the lowest rate since March 2021. The parity last experienced a rapid rise in March 2021, when it was at these levels. At that time, the parity rose to 0.077, while the Ethereum price reached $3,928, an increase of 120%.
At the time of writing, Ethereum is trading at $2,630. If ETH can make a weekly close above $3,000, it could start a rally. However, it is obvious that reaching these levels will not be easy and investors should be careful.
Conclusion and Things Investors Should Pay Attention to
The cryptocurrency market is known for its high volatility and uncertainty. Therefore, it is extremely important for investors to act carefully and consciously. Assets that remain weak, especially in terms of altcoins and lose value against Bitcoin, have difficulty attracting the attention of investors. However, with volume rallies, some altcoins may gain traction again.
- Things investors should pay attention to:
- Follow market trends and technical analysis.
- Develop long-term strategies.
- Evaluate news feeds and social media comments.
- Implement risk management strategies.
As a result, the loss of value of Ethereum against Bitcoin and the uncertainties in the altcoin market are important issues that attract the attention of investors. How this situation will be shaped in the future will be determined by market dynamics and investor behavior.
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