The cryptocurrency market is generally showing low activity. This stagnation, especially due to the holiday period, has been disappointing for altcoin investors. On the other hand, the Federal Reserve's economic assessments suppressing risk appetite caused the market to show a negative trend. In the last days of the year, the analysis made regarding the performance of Ethereum (ETH) is drawing attention.$ETH
Despite being the largest altcoin in terms of market value, Ethereum has not been able to perform as expected throughout 2024. Although the price briefly exceeded the $ 4,000 level, it could not maintain this level for a long time. In addition, the decline in the ETH/BTC parity does not go unnoticed. If the 0.036 BTC level is not exceeded, it seems unlikely that the uptrend in altcoins will begin. In particular, the fact that ETH has been traded below the 0.042 BTC level against BTC in the last 113 days and this has continued steadily indicates that the start of the altcoin season is delayed. Historical data creates uncertainty about how long this trend will last.
The state of the altcoin market can also be evaluated from the ETH/BTC parity. Bitcoin (BTC) approaching the $98,000 level is increasing the pressure on the altcoin market in general. While Bitcoin is rising, the fact that altcoins are not benefiting enough from this rise is causing concern among investors.
On the other hand, there are serious declines in altcoins. Among the top 100 projects, assets such as APT, WIF, STX and FTM Coin have lost more than 20 percent of their value. This situation once again reveals the impact of current macroeconomic uncertainties and market conditions.
In the coming period, it is thought that the price of Bitcoin will need to remain at stable high levels in order for an upward trend to occur again in altcoins. However, investors are waiting impatiently for when this process will begin.