Bitcoin
Don’t wait for Altseason until this happens, according to crypto analyst Benjamin Cowen
A widely followed crypto analyst says investors shouldn’t wait for altcoin season until the Federal Reserve makes its next move.
In a new video update, crypto strategist Benjamin Cowen it says For his 802,000 YouTube subscribers, this new season probably won’t happen until the Fed eases monetary policy and lowers interest rates.
According to Cowen, in the last cycle, altcoins outperformed Bitcoin (Bitcoin) only after the Federal Reserve began cutting rates.
“There are a lot of altcoins that are actually falling, there are more falling than rising and that is why the advance/decline ratio is falling again and it also fell here in 2019, right before the FED cut.
It fell very, very quickly and then of course the FED started cutting back in July, so I would keep an eye on that because a lot of people keep calling for altseason and whatnot and for altcoins to outperform Bitcoin in a lasting way, but in the last cycle only we reached this phase 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 capitalization until the Fed reverses course.
“My expectation is that Bitcoin dominance will rise to around 60%. I think altcoins will continue to bleed back to the king…
I wonder if you will see a big increase in Bitcoin dominance in the coming months as Bitcoin continues to absorb this liquidity from the altcoin market.”
BTC’s dominance level is currently at 55.39%, while the total crypto market cap excluding BTC (TOTAL2) is seated at $1.049 trillion at the time of writing.
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