Analyst Benjamin Cowen predicts that altcoins could gain strength against Bitcoin. Cowen notes that current macroeconomic indicators point to looser monetary policy in the US, which could cause altcoins to come to the fore.
Renowned cryptocurrency analyst Benjamin Cowen believes that macroeconomic data indicates that altcoins will gain strength against Bitcoin (BTC) in the coming months. Cowen suggested that Bitcoinâs dominance over the market may have peaked.
Cowen highlighted the Sahm Rule Recession Indicator on his YouTube channel. According to the Federal Reserve Bank of St. Louis, this indicator comes into play when the three-month moving average of the National Unemployment Rate (U3) increases by 0.50 percentage points or more from the lowest level in the previous 12 months. In July, the indicator reached 0.53 percentage points, indicating that a recession may be approaching. This suggests that loose monetary policy is coming. If this loosening occurs, Bitcoinâs dominance over the market could soon peak, and we may have already reached that peak. Cowen noted that we will see this in September at the earliest and December at the latest.
Cowen says that signs of weakening in the labor market and the fact that interest rates have not yet been lowered could make this situation worse and altcoins could gain strength against Bitcoin. The weakening in the labor market and the possible easing of monetary policy could cause Bitcoinâs dominance over the market to decline and altcoins to come to the fore.
Macroeconomic indicators and developments in the labor market seem to play a decisive role in this process. Cowen adds that this situation could create new opportunities in the cryptocurrency market.
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