Cryptocurrency analyst Benjamin Cowen is sounding the alarm for altcoins, warning that they may soon collapse in their Bitcoin pairs. In a recent strategy session shared with his 900,000 YouTube subscribers, Cowen highlighted the TOTAL 3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum, and stablecoins. According to Cowen, this chart is still in a downtrend against Bitcoin and has not yet found a bottom.
Cowen expressed his skepticism about the future of altcoins in comparison to Bitcoin, stating, “Altcoins, in my opinion, 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 as well, and that’s the reason why I think alt/Bitcoin pairs will eventually find themselves down here at 0.25. I think it’s just a matter of time.”
He further pointed out that altcoins are currently in a multi-year downtrend against Bitcoin, with no signs of a reversal in sight. Cowen emphasized the slow conversion of altcoin holders to Bitcoin, indicating a shift in market sentiment towards the flagship cryptocurrency.
The TOTAL3/BTC pair is currently sitting at 0.33, indicating a continued underperformance of altcoins compared to Bitcoin. Cowen’s analysis suggests that the altcoin market may be heading towards a support area that would further signify their weak performance against Bitcoin.
As altcoins struggle to gain ground against Bitcoin, investors are urged to stay cautious and monitor the market closely. The ongoing downtrend in altcoin pairs highlights the dominance of Bitcoin in the cryptocurrency space and the challenges faced by alternative digital assets.
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(Image Source: Midjourney)