Bitcoin broke a new record by exceeding $97,700, while Ethereum fell to its lowest level in the last three years against BTC. Ethereum has been going through tough times due to the rise of rival platforms like Solana and regulatory uncertainty, but experts say it has the potential to recover in the long term. It is emphasized that Ethereum needs to strengthen in order for an altcoin season to begin.
Bitcoin broke a record by exceeding $97,700 and reaching $98,027, while Ethereum's price rate against Bitcoin fell to its lowest level in the last three years. According to Binance data, this rate fell by 1.54 percent to 0.032 and has lost 40 percent of its value since the beginning of the year. The increase in the price of Bitcoin accelerated especially with the approval of spot Bitcoin ETFs in the US and the re-election of Donald Trump. BTCMarkets expert Rachael Lucas said, "Spot ETF approval increased interest in Bitcoin and its price could exceed $100,000 by the end of the year."
Altcoin leader Ethereum$ETH
, is not benefiting enough from the market rally. This situation of Ethereum also seems to have negative effects on other altcoins. While Bitcoin gained 7 percent in value last week, Ethereum lost 3.2 percent in the same period. The Block analyst Steven Zheng stated that Ethereum has difficulty both as a store of value against Bitcoin and as a smart contract platform against rival networks like Solana. Solana managed to leave Ethereum behind, especially with its success in memecoin projects. Data shows that 94 percent of new token projects were launched on Solana and surpassed Ethereum in transaction volume. Lucas stated that Ethereum lost momentum after The Merge update and was negatively affected by regulatory uncertainties in the US.
,
Experts believe that Ethereum has the potential to recover in the long term. Peter Chung from Presto Research said that Ethereum could regain strength with the implementation of more Web3 projects. Ethereum continues to be the most economically active smart contract platform, and it is stated that developers will continue to revitalize the network with new applications. Lucas stated that the market balance could change if the Bitcoin rally stops or if Ethereum stands out with technical innovations. A possible recovery in Ethereum could lead to the start of the altcoin rally that has been expected for years. The Altcoin Season Index provided by Blockchaincenter is currently at 33, which shows that the altcoin season has not started yet.