Bitcoin's Dominance May Soon Be Challenged by Altcoins, as per Analyst Benjamin Cowen's Prediction
Cryptocurrency analyst Benjamin Cowen isn't shy about his bearish outlook on altcoins, particularly their performance against Bitcoin. In his latest YouTube session, he shares his thoughts with a staggering 900,000 subscribers.
The TOTAL 3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum, and stablecoins, is a grim reminder of the downtrend against Bitcoin. According to Cowen, we haven't found the market bottom yet.
"Look, I don't care how much you love your altcoin community or how solid the developers are. Altcoins, as I see it, are oscillators at best against Bitcoin, and many of them just bleed to Bitcoin. So if individually altcoins will bleed to Bitcoin, then collectively they should too. And that's the reason why I think alt/Bitcoin pairs will eventually find themselves down here [at 0.25]. It's just a matter of time."
A plunge toward the support area Cowen highlights would indicate altcoins are significantly underperforming Bitcoin, which, let's be real, isn't a surprise.
Cowen also points out that altcoins have been in a multi-year downtrend against Bitcoin and don't seem to be changing that trend anytime soon.
"I don't have a crystal ball, but what I can say is what you're witnessing is the slow conversion of people holding alts and then they are just converting them to Bitcoin. And the chart tells you what's happening. Alts put in a new low against Bitcoin [on June 1st]. Any prior altseason that was called for, any prior call for a low by alt/Bitcoin pairs up until today was wrong."
TOTAL3/BTC is currently maintaining at 0.33. If you're eyeing altcoins, buckle up for a bumpy ride.
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In alignment with the analysis of cryptocurrency analyst Benjamin Cowen, altcoins seem to be significantly underperforming Bitcoin, with the TOTAL3/BTC chart currently maintaining at 0.33, foreshadowing a potentially bumpy ride for altcoin investors. Additionally, as various asset managers and networks are focusing on advancing stablecoin adoption, it remains to be seen how Altcoins will fare against the rising competition in the digital asset industry.
