Benjamin Cowen Looks Into AVAX As It Outperforms BTC And ETH
Benjamin Cowen, a top crypto market analyst and trader, is looking into Avalanche (AVAX) and lays out a bullish case for more future gains.
AVAX/ETH
In a recent video update, Cowen shared with the 709K subscribers on his YouTube channel that AVAX has been moving higher compared to Ethereum (ETH) for months now.
However, the analyst also warns that the “worst-case scenario” for AVAX could be that it might start losing value over time.
“There is a chance that it increases against ETH. It’s been steadily increasing for quite a while now if you go back to October of 2021, it’s been slowly moving higher.
I think the key thing we’ve got to look for is, are we going to get a break out here (~0.029 ETH)? Because if AVAX breaks out against Ethereum and starts heading (to 0.06 ETH), that makes it even more compelling…
t makes it even more compelling than it already is because… you’re talking about a cryptocurrency that’s outperforming Ether… Ether is outperforming Bitcoin. That’s the best thing.”
At time of writing, AVAX trades at $90 up 4.24% on the daily, while ETH trades at $3,240 up 3.5% on the same time frame.
AVAX/BTC
Regarding AVAX/BTC pair, Cowen point out that AVAX has been in a “systematic uptrend’ against the leading digital asset.
“This is one of the better altcoin/Bitcoin charts. It’s more or less just been in a systematic uptrend going all the way back to late 2020. AVAX’s Bitcoin valuation has pretty much been in a systematic uptrend. And from the local bottom, you can see it’s up approximately 1,800%.
Again, that’s against Bitcoin, not the US dollar! That’s pretty impressive considering that Bitcoin has also gone up since late 2020.”
At the time of writing, BTC is trading at $44,400 up 0.5% on the daily.
