Ethereum Hits Lowest ETH/BTC Ratio Since 2021 Amid Market Volatility
On October 23, the ETH/BTC trading pair hit its lowest mark since April 2021, dropping to 0.0375 BTC, which is a 55% decline from its all-time high.
Market analyst Benjamin Cowen suggests that the next target might be around 0.036 BTC, predicting that this could mark the bottom of a prolonged downtrend expected to continue until early 2025.
BREAKING 🚨: Ethereum $ETH falls to its lowest valuation against Bitcoin $BTC since April 2021 pic.twitter.com/GcIZPtI4ur
— Barchart (@Barchart) October 24, 2024
Chartist Aksel Kibar has indicated that this downtrend might pick up speed, leading to increased volatility in the market. Meanwhile, Alex Thorn, head of research at Galaxy Digital, mentioned that the possibility of reaching 0.03 BTC remains on the table.
ETHBTC still slipping lower.
lowest since apr 14, 2021. 0.03 still in play pic.twitter.com/5GVw02wHnk
— Alex Thorn (@intangiblecoins) October 23, 2024
On the same day, Ethereum’s price dipped further following reports of the Ethereum Foundation selling another round of ETH tokens.
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The second-largest cryptocurrency has struggled to find its footing, particularly after the lackluster performance of several spot ETFs in the U.S.
However, co-founder Vitalik Buterin has outlined ambitious objectives for Ethereum’s future, including the goal of achieving 1,000 transactions per second as part of the “Surge” initiative.