On September 16, Alex Kuptsikevich, senior analyst at FxPro, said, “In the long run, Ethereum developer activity, both in the blockchain itself and in the expanding ecosystem around it, is the reason for ETH’s rise. However, by the end of 2023, the trend shifts to Bitcoin, as the prospect of exchange-traded funds (ETFs) becomes more prominent.
It is important to note that the launch of the Ethereum ETF did not attract similar buying interest as the Bitcoin ETF, but instead resulted in net outflows, while also failing to reverse the downward trend in the ETH/BTC exchange rate.
The ETH/BTC exchange rate has the potential to fall further into the 0.02-0.03 range. This is surprising considering the overall positive sentiment towards Altcoin in the months following the Bitcoin halving and the higher beta of Altcoin to U.S. stocks, which have performed quite strongly in recent months. (CoinDesk)
