Crypto Analyst Benjamin Cowen Issues Altcoin Warning
• Popular crypto analyst Benjamin Cowen warns that the altcoin market is likely going to continue collapsing.
• Cowen predicts Bitcoin dominance will increase and capture more of the crypto market cap.
• He advises caution when investing in altcoins, as many alts’ prices are currently lower than they were on March 16th when Bitcoin was last trading at $25,000.
Altcoin Market To See Further Losses
Popular crypto analyst Benjamin Cowen has issued a warning for those invested in altcoins, saying that the market is likely going to continue collapsing. Cowen has advised caution when investing in altcoins, as many alts’ prices are currently lower than they were on March 16th when Bitcoin was last trading at $25,000. According to Cowen, some altcoin projects will simply never recover in value and eventually go extinct.
Altcoin Reckoning To Continue
Cowen tells his 746,700 Twitter followers that despite the recent altcoin bloodbath he is predicting even deeper losses. He believes “as long as all these influencers keep publicly YOLOing large sums into altcoins, the altcoin reckoning will continue.” He says “they will tell you to buy the dip all the way down. The altcoin casino will remain open until all of the money is gone.”
Bitcoin Dominance To Increase
However, Cowen notes that the collective altcoin market cap could eventually recover if new projects emerge as “next cycle there will be new shiny altcoins people will care about”. Moreover he predicts Bitcoin (BTC) will outperform all digital assets and its dominance on the Bitcoin dominance chart (BTC.D) is set to increase capturing more of the crypto market cap.
Cowen stresses that it is important to pay attention to metrics such as Bitcoin Dominance as “ignore it at your own peril”. He advises investors not to simply follow what influencers say without doing their own research first and cautions investors against putting too much money into any one cryptocurrency or asset class without proper due diligence first.