An analyst who is widely respected in the cryptocurrency industry has issued an alert to warn traders that altcoins are likely to continue falling against Bitcoin (BTC)
Benjamin Cowen, a cryptotrader, told his one million Twitter followers in a recent thread that the US monetary policies will be tight. He also suggested that the altcoins versus the most valuable crypto assets by market capitalization are headed to the range lows.
This suggests that monetary policy will remain restrictive, continuing to support the idea that altcoin/BTC pairs are likely still heading towards the range lows. The monetary policy is likely to remain tight, supporting the notion that the altcoin/BTC pair will still be heading towards the lows .”
Cohen believes that during the past two summers altcoin pairs against BTC rallied before dropping during Q4 – a trend he thinks could repeat itself.
The last two summers ALT/BTC pair found some relief for a short time before going lower in Q4. A larger rebound by ALT/BTC pair over the past few years didn’t occur until November .”
At the time of this writing, TOTAL3, the total market capitalization of all crypto-assets excluding Bitcoin (BTC) and Ethereum(ETH), was $827.5 billion. This represents a decrease of 2.3% on the previous day.
Cowen ends his analysis with a warning to traders: don’t confuse ALT/BTC and USD/BTC, as they behave differently.
Does anyone know the difference between Alt/BTC and Alt/USD, or will people continue to pretend that they’re the same? Here’s the difference between ALT/USD pairs and ALT/BTC. The ALT/USD pair has gone up but BTC is still bleeding. It’s a Bit of Bitcoin Dominance .”
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The post Crypto Analyst Benjamin Cohen Issues Altcoin Alert, Says Alts Are Primed to Keep Falling Against Bitcoin — Here’s Why could be updated as new information becomes available.
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