Bitcoin (BTC)
$ 0.000039 experienced a notable downturn after the US market’s opening, losing the critical $105,000 threshold. This volatile movement presents challenges for altcoins as they navigate the shifting landscape. Despite Bitcoin’s rapid recovery yesterday, it needs to maintain closures above $104,500 to secure its position. But what about the ETHBTC pair?
Ethereum and Altcoins
Historically, as Ethereum (ETH) 
$ 2,529 climbed to new heights, altcoins often initiated new rallies. However, over the years, ETH has suffered significant losses against BTC.
As illustrated in the above graph, the ETHBTC pair experienced its longest decline in history, beginning in October 2022. This decline persisted for a thousand days, with the pair eroding by 77%. Recently, over the past three weeks, it has attempted to rebound from its lowest point. Notably, the 0.023 BTC level holds as a support, and surpassing the 0.029565 to 0.032360 range could signal a journey back to 0.084060 BTC. Even if BTC reaches $100,000 at its peak, ETH could attain $8,400.
Although this target may seem exaggerated, doubling Ether’s last all-time high is feasible, if not modest. There are numerous significant projects in the RWA realm, and Ethereum remains the most widely used public network. Considering Layer2 solutions, the Ethereum network accounts for a substantial segment of the crypto ecosystem. The Ethereum mainnet alone has outperformed competitors in various metrics.
The Future of Ethereum
ETF approvals arrived, options were launched, and network development activities proceed at full speed. Adoption is accelerating, and Ethereum is living up to its claim of being the computer of the internet. It is the most utilized network where major finance companies develop pilot projects.
We previously mentioned the use of Ethereum by Chinese state banks for RWA trials. Collectively, these factors suggest a strong potential for long-term demand and price increase. Altcoin ETF approvals will begin by November. This is crucial for Ethereum, as staking approval is also anticipated during the same period. Meanwhile, BlackRock recently requested the SEC to review and grant permissions in this area.
The introduction of ETH ETFs, reaching billions of dollars, is expected to significantly boost interest due to their ability to generate passive income in ETH through staking.
