ETH crushed against BTC: Red alert for altcoins!

The ETH/BTC parity reached 0.038 as of September 16, falling to its lowest level since April 2021.

ETH fell by 6 percent in the last 24 hours due to tension in the cryptocurrency market. The flagship of altcoins reached its lowest level against BTC since April 2021. Both losing value and being crushed against $BTC increased the danger for altcoins. Meanwhile, the cryptocurrency market value fell by 4.5 percent and reached $ 2.12 trillion. $ETH was greatly affected by this decline.

The ETH/BTC parity, which shows the value of Ethereum against Bitcoin, has been crushed. This data, which saw its lowest level since April 2021, shows that the altcoin market is bleeding. Altcoins, which came to life in March 2024, rose with Ethereum and made their investors happy. However, when we look at the current process, things are not going well at all.

Despite the Fed interest rate decision and the approaching US presidential elections, cryptocurrencies, which have shown a weak performance, have confused people. While many cryptocurrency investors expect September to be positive, a stable pricing is currently seen. Since Bitcoin is fluctuating between $ 58,000 - $ 60,000 and Ethereum is fluctuating between $ 2250 - $ 2400, there are no sharp increases in altcoins.

If the ETH/BTC parity rises, #BTC dominance falls below 55 percent, or Ethereum exceeds $ 2500, there may be a positive movement in altcoins. It will also be important to follow the news flow regarding the sector during this process.
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