• Popular crypto analyst Benjamin Cowen warns that the altcoin market is likely going to continue collapsing.
• He predicts Bitcoin (BTC) will outperform all digital assets and capture more of the crypto market cap.
• Cowen suggests that some altcoins may never recover in value and eventually go extinct.
Crypto Analyst Warns of Altcoin Reckoning
Popular crypto analyst Benjamin Cowen has issued a warning on altcoins, telling his 746,700 Twitter followers that despite the recent altcoin bloodbath he is predicting even deeper losses. According to Cowen, some altcoin projects will simply never recover in value and eventually go extinct.
Why Will Altcoins Continue To Drop?
Cowen suggests that as long as influencers keep publicly YOLOing large sums into altcoins, the “altcoin reckoning” will continue and the “altcoin casino” will remain open until all of the money is gone. Furthermore, he notes that 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 around $25,000.
Bitcoin Dominance To Increase
Cowen predicts Bitcoin (BTC) will outperform all digital assets and capture more of the crypto market cap. He says that Bitcoin dominance is one of the most important metrics to follow in the cryptoverse and notes that BTC dominance could reach up to 60%.
Altcoin Market Cap Could Increase Over Time
Despite this prediction, Cowen states that it’s still possible for collective altcoin market cap to eventually recover if new projects emerge during next cycle with people caring about them instead of current alts.
In conclusion, Cowen warns investors not to ignore Bitcoin dominance as it can be a key indicator of what direction cryptocurrencies are headed in over time – whether its alts or BTC which comes out on top!