Regarding the dynamics of the Bitcoin (BTC) market, cryptocurrency analyst and strategist Benjamin Cowen emphasized that the cryptocurrency market is currently experiencing one of the coldest periods in its market cycle. He believes that as risk appetite decreases, Bitcoin's market dominance will increase, while counterfeit coins in the market will be suppressed
Regarding the dynamics of the Bitcoin (BTC) market, cryptocurrency analyst and strategist Benjamin Cowen emphasized that the cryptocurrency market is currently experiencing one of the coldest periods in its market cycle. He believes that as risk appetite decreases, Bitcoin's market dominance will increase, while counterfeit coins in the market will be suppressed. Cowen used ETH/BTC trading to warn against the largest counterfeit currency, Ethereum (ETH).
During the brutal phase of the market cycle, experienced cryptocurrency analyst Benjamin Cowen pointed out that although Bitcoin prices have fallen, due to the greater decline in counterfeit currency, Bitcoin's market dominance (BTC. D) will increase. He explained:
We have been discussing this part of the market cycle for quite some time. This is a period of decline for Bitcoin, but due to the greater decline in counterfeit coins, Bitcoin's market dominance (BTC. D) has increased. This is usually one of the coldest stages of the market cycle
Cowen stated that based on the Fibonacci pullback level, Bitcoin's market dominance is expected to reach approximately 60%, similar to the previous cycle. He said:
I still firmly believe that Bitcoin's market dominance will reach around 60%. Of course, there may be some deviations. It could be 59% or 63%. Some people may ask questions such as' So what about stable currency? What will happen? 'I think the stable currency market is unlikely to exceed 65% or 70%
At present, the trading price of Bitcoin is $27595, which has fallen by 1.20% in the past 24 hours, with a dominant market position of 50.1%.
Cowen also evaluated the prospects of Ethereum and predicted that its trading pair (ETH/BTC) relative to Bitcoin will drop to 0.037, equivalent to approximately $1016. He added:
The ETH/BTC trading pair continues to decline. Although this decline is relatively slow, it has actually lasted for a considerable period of time
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