An analyst stated that Bitcoin could suppress Ethereum, causing a decline in the altcoin market.
Ethereum (ETH) caused concern as ETH/BTC parity fell to a three-year low. “ETH/BTC reached its low of 0.03496,” Galaxy Head of Research Alex Thorn said in a post on social media platform X on November 5. The development in question ETHof BTCIt shows that it has lost value against . However, downward movements can be expected in the altcoin market.
Analysts are not yet hopeful for the altcoin market
Crypto analyst Zach Voell stated that a reversal is not currently possible for the ETH/BTC parity. “Don’t ignore ETH/BTC hitting a low due to the US presidential election,” Voell said. Crypto commentator Colin Talks Crypto also expressed a similar opinion, saying, “ETH/BTC will fall further.”
According to TradingView data, Ethereum’s trading parity against Bitcoin is approximately 0.035. This is the lowest rate since March 2021. The parity had last risen rapidly in March 2021, when it was at these levels. After this level, in the two months until May 2021, the parity increased to 0.077, and the ETH price reached $ 3,928, an increase of 120 percent.
ETH, which is traded at $ 2630 as of the writing of the news, may start a rally with a weekly closing above $ 3000. The leader of the altcoins, which is very weak compared to BTC, may attract the attention of investors again with volume increases.
