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A widely followed crypto analyst is predicting an altcoin meltdown, and one of the key indicators suggests that altcoins could fall further.
Crypto Strategist Benjamin Cowen in New Video Update To tell His 780,000 subscribers believe the altcoin reckoning is on the horizon as Bitcoin’s (BTC) dominance chart (BTC.D) remains low.
The BTC Dominance Chart tracks how much of the cryptocurrency market capitalization belongs to Bitcoin. According to Cowen, the altcoin market remains a falling knife until BTC.D rises.
“One of the things [has] What really made me bearish in the altcoin market is of course Bitcoin’s dominance. [It is] It’s still very low, currently at 42%, but if we exclude stablecoins it’s like 48%
The advantage is still low, but this is why I didn’t buy any altcoins this year. That’s why in 2022 I said, “I know you guys like shiny altcoin objects in a bull market, but in a bear market they’re not your friends, don’t marry an altcoin.”
We recognize that the advantage is still low, but we can say that this metric has been a major deterrent to altcoin purchases, and it has worked well so far. ”
Altcoins dominating the cryptocurrency market suggests that traders are still speculating in digital assets other than Bitcoin.
Using smart contract platform Cardano (ADA) as an example of a high-profile altcoin that could go down, Cowen notes the massive price drop in crypto assets over the past year.
The idiosyncratic risk of a single altcoin is not worth it, ADA is currently down 92%, but in the last bear market ADA was down 98%, almost 99% down from all-time highs. that gives you an idea of how bad it is
If [ADA} were to go down 98.77%, it would go back down to $0.04.
Bitcoin is changing hands for $16,524 at time of writing while ADA is moving for $0.245.
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