Benjamin Cowen predicts that altcoins like Polkadot, Cardano, and Avalanche will soon be subject to widespread fraud

Popular cryptocurrency expert predicts temporary price increases in many cryptocurrencies, including Polkadot (DOT), Cardano (ADA), and Avalanche (AVAX), which compete with Ethereum (ETH).

Benjamin Cowen, a crypto trader with 784,000 YouTube followers, predicts in a new strategy session that cryptocurrencies in 2023 would rise sharply before plunging to new lows, similar to what happened in 2018.

Cowen predicts that the current cryptocurrency surge will be similar to those in the past and will slow once Bitcoin’s (BTC) dominance level is restored.

The Bitcoin dominance (BTC.D) chart is closely monitored by traders as it displays the proportion of Bitcoin’s market cap to the entire crypto market cap. Traders’ preference for Bitcoin over other cryptocurrencies is reflected in an increase in Bitcoin’s market share.

Cowen explains, “Until I see evidence to the contrary, I continue to believe that the altcoin market is the same as it has always been. The same. The alternative market rose and fell Bitcoin in 2018 and 2019, but by year’s end, it had fallen to 25% of Bitcoin’s market worth.

The [Altcoin Rally of 2019] climbed back up to the bull market support band at 0.53; the band is now at 0.52 or thereabouts, meaning the price is up 52% from its low.

I anticipate that Bitcoin’s rise to supremacy will continue. It might be re-testing the 49% to 50% level, but I expect it to keep going since net liquidity is declining once again.”

Cowen claims that many alternative cryptocurrencies, including Polkadot, Cardano, Avalanche, and Polygon, are presently using their 20-week simple moving average (SMA) as resistance.

Cowen said last week that other cryptocurrencies will be “crushed” since crypto’s market share was ready to increase. As of this writing, Bitcoin had a 49.9% market share.

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