Crypto Analyst Warns Of More Pain For Altcoins As BTC Dominance Rises

Benjamin Cowen, a well-known crypto expert, says that the altcoin market is likely to keep going down.

Cowen tells his 746,700 Twitter followers that he thinks altcoins will lose even more, despite the recent “bloodbath.”

“As long as all these influencers keep publicly YOLOing large sums into altcoins, the altcoin reckoning will continue. They will tell you to buy the dip all the way down. The altcoin casino will remain open until all of the money is gone.”

Cowen says that some altcoin projects will never get their value back and will finally die out.

But he says that the altcoin market cap as a whole could still grow over time if new projects start up.

“Because many altcoins will never recover. The collective altcoin market cap could eventually recover, but the alts you are buying now could just become relics, and people might not care about them next cycle. Next cycle, there will be new shiny altcoins people will care about.”

Cowen says that you can tell how weak altcoins are by how many of their prices are now lower than they were on March 16, which was the last time Bitcoin traded at the $25,000 level.

He thinks that Bitcoin (BTC) will do better than every other digital currency.

“Look at where altcoins were on March 16th, the last time Bitcoin was at $25,000. Most (not all) are much lower today than they were back then.

During the pre-halving years, alts get rekt.

BTC dominance to 60%.”

Cowen says that the king cryptocurrency is expected to continue to rise on the Bitcoin dominance chart (BTC.D) and take up more of the crypto market cap.