ETH crushed against BTC: Red alert for altcoins!

The ETH/BTC pair dropped to 0.038 as of September 16, reaching its lowest level since April 2021.

Due to tension in the cryptocurrency market, ETH fell by 6% in the last 24 hours. The flagship of altcoins hit its lowest level against BTC since April 2021. Losing value and being crushed against BTC increased the danger for altcoins. Meanwhile, the cryptocurrency market value declined by 4.5% and reached 2.12 trillion dollars. ETH was heavily affected by this decline.

The altcoin market may crash due to the ETH/BTC pair

The ETH/BTC pair, which shows the value of Ethereum against Bitcoin, is severely crushed. This data, which has seen the lowest level since April 2021, indicates that the altcoin market is bleeding. Altcoins, which revived in March 2024, had made their investors happy by rising with Ethereum. However, looking at the current process, things are not going well at all.

Despite the approaching Fed interest rate decision and the US presidential election, cryptocurrencies have shown a weak performance, leaving many investors confused. While many cryptocurrency investors expected a positive September, there is currently a stagnant pricing. Due to Bitcoin fluctuating between $58,000 - $60,000 and Ethereum between $2,250 - $2,400, there are no sharp increases in altcoins.

If the ETH/BTC pair rises, BTC dominance falls below 55%, or Ethereum exceeds $2500, altcoins may see positive movement. It is also important to follow the industry news during this process.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.