By The Daily Hodl - 10 months ago - Reading Time: 2 minutes
Top Crypto Analyst Benjamin Cowen Issues Warning on Altcoins, Says ‘Reckoning’ To Continue – Here’s Why
Popular crypto analyst Benjamin Cowen warns that the altcoin market is likely going to continue collapsing.
Cowen tells his 746,700 Twitter followers that despite the recent altcoin bloodbath he is predicting even deeper losses.
“As long as all these influencers keep publicly YOLOing large sums into altcoins, the altcoin reckoning will continue. 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.”
According to Cowen, some altcoin projects will simply never recover in value and eventually go extinct.
However, he notes that the altcoin total market cap could still increase over time if new projects emerge.
“Because many altcoins will never recover. The collective altcoin market cap could eventually recover, but the alts you are buying now could just become relics, and people might not care about them next cycle. Next cycle, there will be new shiny altcoins people will care about.”
According to Cowen, the weakness of altcoins is evident by how many of the alts’ prices are currently lower than they were on March 16th, when Bitcoin was last trading at the $25,000 level.
He predicts Bitcoin (BTC) will outperform all digital assets.
“Look at where altcoins were on March 16th, the last time Bitcoin was at $25,000. Most (not all) are much lower today than they were back then.
During the pre-halving years, alts get rekt.
BTC dominance to 60%.”
Source: Benjamin Cowen/TwitterCowen says that the king crypto is likely to continue to gain on the Bitcoin dominance chart (BTC.D) and capture more of the crypto market cap.
“Bitcoin dominance is one of the most important metrics to follow in the cryptoverse.
Ignore it at your own peril.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Top Crypto Analyst Benjamin Cowen Issues Warning on Altcoins, Says ‘Reckoning’ To Continue – Here’s Why appeared first on The Daily Hodl.
Original source: The Daily Hodl