Ethereum News Today: Institutional Shifts Fuel Altcoin Hype: Why Ethereum and AVAX Could Break Out in Q4

Cardano and Ethereum have been highlighted as top altcoins to buy for the fourth quarter of 2024, with Avalanche (AVAX) and Dogecoin also drawing attention from analysts as top picks. These recommendations come amid growing institutional interest in blockchain-based financial infrastructure and increasing adoption of tokenized assets across major networks.

Analysts suggest that Ethereum (ETH) could potentially reach $62,000 per token if it achieves a certain Ethereum-to-Bitcoin (ETH/BTC) price ratio. Tom Lee, Chief Investment Officer at Fundstrat Capital, outlined this scenario using historical data and the concept of “bases” in price consolidation. The ETH/BTC ratio currently stands at 0.0403, well below its eight-year average of 0.0479 and far below the all-time high of 0.0807. Lee argues that if Ethereum reaches the long-term average ratio and eventually the all-time high ratio, it could be priced between $12,000 and $22,000, assuming Bitcoin reaches $250,000 by year-end. He further notes that Ethereum’s potential role in replacing traditional payment rails and banking infrastructure could justify a valuation of $62,000 per token, placing the ETH/BTC ratio at 0.25 [1].

Meanwhile, Avalanche (AVAX) is also being closely watched by analysts. Institutional adoption and the possibility of an AVAX ETF have fueled speculation about a significant price move. AVAX is currently trading in a range between $24 and $26. A daily close above $26 could signal a bullish breakout to $27–$30 or higher, according to some market observers. Additionally, the Grayscale AVAX ETF application could open the door to institutional flows, potentially driving demand from large investors [3]. The broader institutional interest in blockchain infrastructure has also been evident in projects involving Avalanche, such as a recent initiative led by ANZ in partnership with Chainlink to settle tokenized assets across chains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) [2].

Ethereum’s bullish setup is further reinforced by strong on-chain activity, including over 628,000 ETH outflow from exchanges and whale accumulation. Analysts note that as liquidity tightens and institutional demand rises, Ethereum could break above $4,900 and test new all-time highs [3]. Similarly, SUI, another top altcoin, has shown promising metrics, with over 605,000 active addresses and institutional backing from entities such as SUI Group Holdings and Sygnum Bank. SUI’s price is currently forming a symmetrical triangle, suggesting a potential breakout could be imminent [3].

While AVAX, ETH, and SUI dominate institutional and analyst attention, lesser-known altcoins such as MAGACOIN FINANCE are being promoted as early-stage opportunities with significant upside potential. These projects are often compared to the early days of Ethereum and SUI, with projections of exponential returns. However, investors are cautioned to conduct due diligence, as the market remains volatile and speculative [3].

Analysts have also underscored the broader trend of blockchain adoption in financial services. Institutions such as ANZ are leveraging blockchain solutions like Avalanche’s Evergreen Subnets and Chainlink’s CCIP to enhance settlement processes, reduce risk, and modernize capital markets. These developments indicate that the intersection of traditional finance and blockchain—often referred to as On-Chain Finance (OnFi)—is gaining momentum, with institutions testing and deploying new use cases [2].

As the crypto market approaches a potential breakout in October, the focus remains on Ethereum and AVAX as top picks for investors seeking exposure to institutional-grade blockchain infrastructure. However, the broader altcoin landscape is evolving rapidly, with new opportunities emerging across tokenized assets, cross-chain settlements, and DeFi innovation.

Source: [1] Ethereum Could Reach $62000 If It Hits This ETH/BTC Ratio (https://finance.yahoo.com/news/tom-lee-ethereum-could-reach-203041720.html) [2] Avalanche and Chainlink Leveraged in Tokenized Asset Settlement Project (https://www.avax.network/about/blog/anz-leverages-avalanche-and-chainlink-in-tokenized-asset-settlement-project) [3] Avalanche, Ethereum & SUI Ranked Best Crypto to Buy Before October Breakout (https://crypto-economy.com/avalanche-ethereum-and-sui-ranked-best-crypto-to-buy-before-october-breakout/)