As cryptocurrency markets proceed to face volatility, Benjamin Cowen, founder of IntoTheCryptoverse, means that the continuing downturn in ETH/BTC buying and selling pair may point out the tip 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 tip 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 end, 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 out there 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 through the bull market and could possibly be the final to fall within the bear market, stating, “In the end, even the giants will fall.”
However, Cowen’s observations should be taken in context with the cryptocurrency market’s extremely speculative and risky nature, the place worth actions could be unpredictable.
Cowen famous that the ALT/BTC buying and selling pair is presently at 0.47, with the Bollinger Moving Standard Band (BMSB) at 0.48-0.50, the place it would doubtless get rejected. He additionally warned that ALT/BTC pairs may capitulate if Bitcoin closes beneath BMSB. Cowen added that the momentary drop in dominance has given many a false sense of safety with altcoins.
Currently at 0.47.
BMSB at 0.48-0.50 (more likely to get rejected).
ALT / BTC pairs more likely to capitulate so lengthy as BTC closes beneath its BMSB.
Because 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 Struggle
Another cryptocurrency analyst, CrediBULL Crypto, concurred with Cowen’s views. He lately commented on the importance of Bitcoin holding its native low whereas Ethereum broke it throughout a latest market flush. However, CrediBULL Crypto believes that Bitcoin will doubtless outperform Ethereum and most altcoins within the coming months as the market traits towards new all-time highs.
The undeniable fact that $BTC held its native low whereas $ETH broke it on this latest flush is VERY vital imo.
I imagine 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 those that have… pic.twitter.com/LGOnYEPYFL
— CrediBULL Crypto (@CredibleCrypto) August 18, 2023
Recalling an analogous 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 (typically referred to as “25k” for simplicity), is a distraction and doesn’t change the excessive timeframe bullish market construction. He cited that these lows held on main spot exchanges, together with Coinbase, Binance, Bitstamp, Kraken, and Kucoin.
Where is crypto market headed?
At the time of writing, the value 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 presently $505,946,434,039 with a circulating provide of 19,461,106 BTC cash and a max. provide of 21,000,000 BTC cash.
Meanwhile, 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.
Despite the present market situations, it stays important for traders to conduct thorough analysis and train warning of their funding choices.
The introduced content material could embrace 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.
