As cryptocurrency markets proceed to face volatility, Benjamin Cowen, founding father of IntoTheCryptoverse, means that the continuing downturn in ETH/BTC buying and selling pair might point out the top of the “altcoin reckoning.” Cowen’s evaluation comes as Bitcoin and Ethereum, the highest two cryptocurrencies by market capitalization, expertise a drop in costs.
The collapse of #ETH / #BTC ought to mark the top of the altcoin reckoning. #ETH / #BTC was the final to rise within the bull and it may be the final to fall within the bear.
“In the long run, even the giants will fall” pic.twitter.com/1uvTmU0Zv9
— Benjamin Cowen (@intocryptoverse) August 18, 2023
Altcoin Reckoning?
Benjamin Cowen makes use of the time period “reckoning” to indicate a correction available in the market as beforehand overvalued altcoins discover their true market worth. In one other publish, he identified that the ETH/BTC buying and selling pair was the final to rise in the course of the bull market and might be the final to fall within the bear market, stating, “In the long run, even the giants will fall.”
Nonetheless, Cowen’s observations have to be taken in context with the cryptocurrency market’s extremely speculative and risky nature, the place value actions might be unpredictable.
Cowen famous that the ALT/BTC buying and selling pair is at present at 0.47, with the Bollinger Transferring Commonplace Band (BMSB) at 0.48-0.50, the place it should doubtless get rejected. He additionally warned that ALT/BTC pairs might capitulate if Bitcoin closes under BMSB. Cowen added that the momentary drop in dominance has given many a false sense of safety with altcoins.
Presently at 0.47.
BMSB at 0.48-0.50 (prone to get rejected).
ALT / BTC pairs prone to capitulate as long as BTC closes under its BMSB.
As a result of dominance is quickly down, it has lulled many right into a false sense of safety with ALTs. pic.twitter.com/ZTcSsEeoss
— Benjamin Cowen (@intocryptoverse) August 18, 2023
Bitcoin Dominance and Ethereum’s Battle
One other cryptocurrency analyst, CrediBULL Crypto, concurred with Cowen’s views. He not too long ago commented on the importance of Bitcoin holding its native low whereas Ethereum broke it throughout a latest market flush. Nonetheless, CrediBULL Crypto believes that Bitcoin will doubtless outperform Ethereum and most altcoins within the coming months because the market tendencies towards new all-time highs.
The truth that $BTC held its native low whereas $ETH broke it on this latest flush is VERY important imo.
I consider that is one other signal that $BTC will outperform towards ETH and most alts within the coming months as we proceed our uptrend to new all time highs.
For many who have… pic.twitter.com/LGOnYEPYFL
— CrediBULL Crypto (@CredibleCrypto) August 18, 2023
Recalling an identical state of affairs when Bitcoin was at 10k in 2020, proper earlier than its rally to 60k+, CrediBULL Crypto identified that any motion above the low marked off on the Bitcoin chart, at 24.8k (sometimes called “25k” for simplicity), is a distraction and doesn’t change the excessive time-frame bullish market construction. He cited that these lows held on main spot exchanges, together with Coinbase, Binance, Bitstamp, Kraken, and Kucoin.
The place is crypto market headed?
On the time of writing, the worth of Bitcoin stands at $25,997.83 with a 24-hour buying and selling quantity of $32,458,634,133, down 6.58% within the final 24 hours. Bitcoin’s market cap is at present $505,946,434,039 with a circulating provide of 19,461,106 BTC cash and a max. provide of 21,000,000 BTC cash.
In the meantime, Ethereum’s price is at $1,659.75 with a 24-hour buying and selling quantity of $14,956,030,349, a lower of 4.38% within the final 24 hours. Ethereum’s market cap is $199,259,699,043, with a circulating provide of 120,053,868 ETH cash.
Regardless of the present market situations, it stays important for buyers to conduct thorough analysis and train warning of their funding selections.
The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
