As cryptocurrency markets continue to face volatility, Benjamin Cowen, founder of IntoTheCryptoverse, suggests that the ongoing downturn in ETH/BTC trading pair could indicate the end of the “altcoin reckoning.” Cowen’s analysis comes as Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, experience a drop in prices.
The collapse of #ETH / #BTC should mark the end of the altcoin reckoning. #ETH / #BTC was the last to rise in the bull and it can be the last to fall in the bear.
“In the end, even the giants will fall” pic.twitter.com/1uvTmU0Zv9
— Benjamin Cowen (@intocryptoverse) August 18, 2023
Altcoin Reckoning?
Benjamin Cowen uses the term “reckoning” to imply a correction in the market as previously overvalued altcoins find their true market value. In another post, he pointed out that the ETH/BTC trading pair was the last to rise during the bull market and could be the last to fall in the bear market, stating, “In the end, even the giants will fall.”
However, Cowen’s observations need to be taken in context with the cryptocurrency market’s highly speculative and volatile nature, where price movements can be unpredictable.
Cowen noted that the ALT/BTC trading pair is currently at 0.47, with the Bollinger Moving Standard Band (BMSB) at 0.48-0.50, where it will likely get rejected. He also warned that ALT/BTC pairs could capitulate if Bitcoin closes below BMSB. Cowen added that the temporary drop in dominance has given many a false sense of security with altcoins.
Currently at 0.47.
BMSB at 0.48-0.50 (likely to get rejected).
ALT / BTC pairs likely to capitulate so long as BTC closes below its BMSB.
Because dominance is temporarily down, it has lulled many into a false sense of security 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 recently commented on the significance of Bitcoin holding its local low while Ethereum broke it during a recent market flush. However, CrediBULL Crypto believes that Bitcoin will likely outperform Ethereum and most altcoins in the coming months as the market trends toward new all-time highs.
The fact that $BTC held its local low while $ETH broke it on this recent flush is VERY significant imo.
I believe this is another sign that $BTC will outperform against ETH and most alts in the coming months as we continue our uptrend to new all time highs.
For those who have… pic.twitter.com/LGOnYEPYFL
— CrediBULL Crypto (@CredibleCrypto) August 18, 2023
Recalling a similar situation when Bitcoin was at 10k in 2020, right before its rally to 60k+, CrediBULL Crypto pointed out that any movement above the low marked off on the Bitcoin chart, at 24.8k (often referred to as “25k” for simplicity), is a distraction and doesn’t change the high time frame bullish market structure. He cited that these lows held on major spot exchanges, including Coinbase, Binance, Bitstamp, Kraken, and Kucoin.
Where is crypto market headed?
At the time of writing, the price of Bitcoin stands at $25,997.83 with a 24-hour trading volume of $32,458,634,133, down 6.58% in the last 24 hours. Bitcoin’s market cap is currently $505,946,434,039 with a circulating supply of 19,461,106 BTC coins and a max. supply of 21,000,000 BTC coins.
Meanwhile, Ethereum’s price is at $1,659.75 with a 24-hour trading volume of $14,956,030,349, a decrease of 4.38% in the last 24 hours. Ethereum’s market cap is $199,259,699,043, with a circulating supply of 120,053,868 ETH coins.
Despite the current market conditions, it remains essential for investors to conduct thorough research and exercise caution in their investment decisions.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
