Benjamin Cowen, a cryptocurrency analyst and strategist who understands every move of Bitcoin (BTC), said that the cryptocurrency market has entered one of the most "ruthless" stages of the market cycle. This analyst, who expects Bitcoin to enhance its market dominance and suppress counterfeit coins, also issued a warning to the largest counterfeit coin, Ethereum (ETH), through ETH/BTC trading
Benjamin Cowen, a cryptocurrency analyst and strategist who understands every move of Bitcoin (BTC), said that the cryptocurrency market has entered one of the most "ruthless" stages of the market cycle. This analyst, who expects Bitcoin to enhance its market dominance and suppress counterfeit coins, also issued a warning to the largest counterfeit coin, Ethereum (ETH), through ETH/BTC trading.
The cruelest part of the cycle
Experienced cryptocurrency analyst Benjamin Cowen emphasized that as the risk appetite of this asset class decreases, Bitcoin's dominant position in the market or its total value relative to the cryptocurrency market will increase, and stated:
We have been discussing this stage of the market cycle for some time now. This is a period of BTC decline, but BTC's dominant position (BTC. D) has increased due to the greater decline in counterfeit currency. This has always been the most ruthless part of the market cycle.
Cowen stated that using the Fibonacci pullback level, Bitcoin's dominance in the market will peak at around 60%, similar to the previous cycle, and stated:
I still believe that Bitcoin's dominant position will reach 60%. Of course, there may be some deviations. It could be 59% or 63%, and some people would say, 'What about stable currency?'? What will happen? ' I believe that the stable currency market will not exceed 65% or 70%, which is the reason.
The largest cryptocurrency, BTC, has a trading price of $27595, down 1.20% in the past 24 hours, while Bitcoin dominates the market at 50.1%.
Ethereum is expected to drop to around $1000
Cowen also evaluated the situation of Ethereum, the largest counterfeit coin, relative to Bitcoin. Analysts predict that ETH/BTC will fall to the 0.037 level, equivalent to approximately $1016 at the time of writing:
The ETH/BTC trading pair continued to decline. This decline has occurred quite slowly (certainly slower than I expected), but the trend has actually declined for a long time.
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