• Crypto analyst Benjamin Cowen says the real “altcoin reckoning” is still coming despite the latest crypto correction.
• He believes the altcoin reckoning won’t end until the Ethereum/Bitcoin (ETH/BTC) trading pair collapses.
• Cowen suggests that a break above 49% Bitcoin dominance would be a ‘risk-off’ signal.
Altcoin Reckoning Is Still Coming
Crypto strategist Benjamin Cowen warns that despite the recent crypto correction, an ‘altcoin reckoning’ is still looming on the horizon. He believes that when Bitcoin dominance level breaks above 49%, it will be a sign of a ‘risk-off’ signal and that altcoins won’t truly capitulate until Ethereum/Bitcoin (ETH/BTC) trading pair collapses.
What’s Bitcoin Dominance?
The Bitcoin dominance index (BTC.D) tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC.D chart suggests that Bitcoin is taking a larger share of the crypto markets at the expense of altcoins. Currently, BTC.D is hovering around 49%.
What Will Happen During The Altcoin Reckoning?
Cowen suggests that during an altcoin reckoning, many investors will be tempted to exit their positions in altcoins due to panic or fear because they anticipate further losses in value for their investments and as such, they will not want to wait any longer for potential profits from their holdings in cryptocurrency markets . This could lead to a collapse in prices across many different types of altcoins which could then further decrease demand for these assets and cause even more losses for those who were invested in them prior to this period of economic downturn or bear market conditions.
Ethereum/Bitcoin Trading Pair Collapse
According to Cowen, he believes that when Ethereum/Bitcoin (ETH/BTC) trading pair collapses, it marks the end of this period of financial distress for all other cryptocurrencies as well as being an indicator that bitcoin has become dominant over all other digital currency assets once again after its own market movements have exceeded or surpassed those seen by its competitors during this difficult time frame for these alternative forms of money making opportunities online today too..
At current state, it remains unclear when exactly this ‘altcoin reckoning’ will take place but Benjamin Cowen strongly suggests it could happen soon if current Bitcoin dominance levels are broken above 49%. As such, investors should take caution and monitor their portfolios closely as we await what could potentially be an eventful few months ahead within cryptocurrency markets worldwide now too!