Bitcoin ATH Again, ETH/BTC Pair Weakens, Delaying Altcoin Season?

Bitcoin prices rose again today, immediately setting a new record high of all time (ATH). The world's largest crypto asset by market cap jumped 6%, setting an all time high record at the level of 97,457 US dollars (around Rp1.54 billion) based on CoinMarketCap data.

Bitcoin prices continued to rise on Wednesday, setting a new record high.

The world's largest cryptocurrency by market capitalization rose 6% to an all-time high of $97,457 (Rp1.54 billion), according to CoinMarketCap data.

With this rally, Bitcoin's price is inching closer to its target of $100,000 (Rp1.58 billion). Meanwhile, Bitcoin's market dominance has also risen sharply to over 60.5%.

However, amid Bitcoin's recent gains, the ETH/BTC trading pair fell to its lowest level in three years. This decline in the pair raises concerns that the altcoin season, a period when altcoins dominate the market, may be delayed.

Analysts say the ETH/BTC跌势signals a major shift in the market toward Bitcoin dominance. The ETH/BTC pair broke below a lower trendline on Wednesday, hitting its lowest level since March 2021. This indicates that altcoins, such as Ethereum, are losing steam as investors largely favored Bitcoin as their primary asset.

A crypto analyst, Bitcody, noted that the ETH/BTC pair is likely to hit its December lows. "Historically, December has been a month of recovery for ETH/BTC in 6 out of the last 8 years. If this trend continues, ETH/BTC could find some support soon," he said.

Even so, he added that, for the altseason to begin, Ethereum needs to show a significant push. Analysis institute QCP Capital highlighted that Ethereum's participation was the main ingredient to spark an altcoin season. With the ETH/BTC pair still showing weakness, the chances of an altseason seem to be delayed.

Bitcoin was trading at Rp1.55 billion per coin at the last check, according to CoinGecko data on Wednesday, November 21. Bitcoin rose 4.5% in the last 24 hours.