Altcoin
Don’t expect Altseason until that happens, according to crypto analyst Benjamin Cowen
A widely followed crypto analyst says investors should not expect altcoin season until the Federal Reserve makes its next move.
In a new video update, crypto strategist Benjamin Cowen tells its 802,000 YouTube subscribers that the altseason likely won’t happen until the Fed eases monetary policy and cuts interest rates.
According to Cowen, in the last cycle, altcoins outperformed Bitcoin (Bitcoin) only after the Federal Reserve started cutting rates.
“There are a lot of altcoins that are actually going down, there is more down than up and that is why the advance/decline index is going down again and it also collapsed here in 2019, just before the FED cut.
It dropped very, very rapidly and then obviously the FED started intervening in July so I would keep an eye on that because a lot of people keep asking about altseason and whatnot and for altcoins to durably outperform Bitcoin but in the last We didn’t reach that stage in the cycle until after the Fed cut rates.”
Source: Benjamin Cowen/X
Cowen goes on to say that he expects altcoins to bleed against the leading crypto asset by market cap until the Fed reverses course.
“My expectation is that Bitcoin dominance will reach around 60%. I think altcoins will continue to return to the king…
I wonder if we will see a sharp increase in Bitcoin dominance in the coming months as Bitcoin continues to absorb that liquidity from the altcoin market.”
BTC’s dominance level is currently at 55.39%, while the total cryptocurrency market capitalization excluding BTC (TOTAL2) is sitting at $1.049 trillion at the time of writing.
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