The anticipated resurgence of altcoins has yet to materialize, leading to reduced market activity as the year draws to a close. This decrease is not surprising during holiday periods, though it can be frustrating for traders. Additionally, the Federal Reserve’s evaluations for the upcoming year have dampened risk appetite. What are the latest predictions for ETH?
Ethereum Predictions
As the largest altcoin by market cap, ETH has shown overall weakness this year. Although it recently surpassed the $4,000 mark, it struggled to maintain that level for long. Monitoring the ETHBTC pair has proven beneficial for assessing risk appetite towards altcoins. The fact that it has not permanently breached the 0.036 BTC level suggests a potential decline in altcoin values.
For the last 113 days, the ETH price has hovered below the 0.042 BTC threshold. Despite BTC experiencing significant gains during this time, the broader cryptocurrency market has not benefited similarly. We have consistently observed a decline in the ETHBTC pair for the past 847 days, indicating that the anticipated altcoin season should commence soon. Although the peak of 0.12 BTC from early 2018 seems distant, ETH must regain levels around 0.087 BTC before this cycle concludes.
Altcoin Insights
The ETHBTC pair already illustrates the overall status of altcoins. At the time of this writing, as BTC retraced back to $98,000, the noted decline in the ETHBTC pair has become more apparent, leading to renewed selling in altcoins. Cryptocurrencies are now at the mercy of BTC.
Among the top 100 cryptocurrencies, the week’s biggest losers included APT, WIF, STX, and FTM Coin, all of which experienced declines of over 20%.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
