Analyst Benjamin Cowen, who is closely monitored in the cryptocurrency markets, states that investors should wait a while longer. According to Cowen, the US Federal Reserve (Fed) may need to cut interest rates for the altcoin season to begin. Here are the details…
According to the analyst, it is still necessary to wait for the altcoin season to see the next step of the Fed. Cowen, who has 802,000 subscribers on YouTube, addressed investors with a new video and reminded that similar situations occurred in previous cycles. According to Cowen, altcoins generally wait for the Fed to start cutting interest rates before overtaking Bitcoin. He also referred to technical analysis data and said:
"Currently, many altcoins are declining. The number of decliners is greater than the number of risers. Therefore, the rise/decline index is falling again. A similar situation happened in 2019, just before the Fed started to cut interest rates. The index had fallen rapidly then, and the Fed in July "It started to cut interest rates in 2018, so this is a situation that needs to be followed closely."
Cowen predicts that altcoins will continue to weaken against Bitcoin until the Fed takes new action. According to the analyst's prediction, Bitcoin's market dominance could rise up to 60%. Cowen continued:
"I think altcoins will continue to weaken against the crypto king. Bitcoin's dominance could increase significantly over the next few months as liquidity continues to drain from the altcoin market."
Currently, Bitcoin's market dominance stands at 55.39%. The total cryptocurrency market value excluding Bitcoin (TOTAL2) is approximately 1.049 trillion dollars. Cowen's analysis may be cause for concern for altcoin investors. However, the analyst emphasizes that past cycles have shown that macroeconomic factors such as the Fed's rate cut can significantly impact crypto markets. It is important for investors to be careful at this point and follow market dynamics closely.
An increase in Bitcoin dominance generally reflects investors' risk aversion tendencies and desire to move into safer assets. This could put pressure on altcoins and increase stability in the market.
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