Binance data showed that the ETH/BTC rate fell below 0.04 on Saturday, reaching a new low since April 2021. In January 2018, the rate peaked at 0.1238, but it plummeted to 0.01615 in September 2019.
Binance shows that the ETH/BTC rate has fallen below 0.04, hitting a new low since April 20, 2021, temporarily reported at 0.03985. The rate reached a historical high of 0.1238 in January 2018 and a historical low of 0.01615 in September 2019. https://t.co/8hGTwydjmM pic.twitter.com/Yaq6NkP5BS
— Wu Blockchain (@WuBlockchain) September 16, 2024
Experts have noted and warned of such hazards, but the drop has continued even with ETF permission. The ETH/BTC pair fell to 53% since Ethereum’s transition to PoS during the merge in September 2022.
This highly anticipated upgrade marked a key moment for Ethereum, shifting from its previous proof-of-work (PoW) consensus mechanism. However, Ethereum has faced further challenges in 2023, including the disappointing performance of spot ETFs. These saw substantial outflows, contributing to the continued decline of Ether.
Why Has Ethereum Dropped?
The decline in the altcoin sell-off trend influenced the general market value of several cryptocurrencies. Should Ethereum’s slowing pace continue, it might settle around 0.33 BTC. Before Ethereum reached its all-time high, the 0.04 BTC mark was a strong barrier.
Bitcoin & Ethereum Whale Transactions Drop Since March Peak
The recent price swings inside a limited range over two quarters for Bitcoin have damaged investor faith in altcoins. Despite continuous high volatility, many investors now see Bitcoin as a more safe and profitable option. Furthermore, Bitcoin has to first exceed its historical price highs in order to see a large altcoin market surge.
Ethereum’s Future
No improvement on the market has been observed, despite experts stressing on possible hazards. As Bitcoin continues to trade within a narrow range, Ethereum’s value against BTC remains at low levels. The situation may continue unless Bitcoin’s performance improves. Further, many investors are waiting for the leading crypto to demonstrate a stronger price movement before committing to altcoins again.
