Despite the recent crypto market drop, a respected expert claims that the actual “altcoin reckoning” is yet to come.
Benjamin Cowen, a cryptocurrency expert, recently warned his 783,000 YouTube followers that despite recent steep retracements, cryptocurrencies still have more to fall.
Cowen said earlier this month that he plans to monitor the Bitcoin dominance (BTC.D) chart closely. If the crypto king’s market share ever rose beyond 49%, Cowen says it should serve as a “risk-off” warning.
The Bitcoin Dominance Index measures Bitcoin’s share of the whole cryptocurrency market capitalisation. If the BTC.D chart looks positive, Bitcoin is gaining market share at the cost of other cryptocurrencies.
The altcoin reckoning, Cowen argues, will continue until the Ethereum/Bitcoin (ETH/BTC) trading pair crashes.
“Where does it all lead, then? It may never happen for some people. For some people, it won’t, but I’ve made it obvious where I believe it leads. When the value of Ethereum and Bitcoin drops, the craze will stop. I agree with you there…I anticipate the [ETH/BTC value] will tank, fall again, rise briefly, and finally crash.
When do you think it will occur? I can’t say. Ethereum has shown more resilience than I anticipated. I would have told you that five months ago; nevertheless, this does not indicate that it will not ultimately collapse back down.”
