Cryptocurrency strategist Benjamin Cowen shared insights with his 876,600 followers on social media platform X, highlighting a downward trend in the altcoin market compared to Bitcoin 
$73,268. According to Cowen, the TOTAL3/BTC ratio is displaying a pattern reminiscent of the price movements seen in 2019.
Where is the TOTAL3/BTC Ratio Heading?
TOTAL3 is an index that measures the market capitalization of all cryptocurrencies, excluding Bitcoin, Ethereum 
$2,592, and stablecoins. Cowen notes that the TOTAL3/BTC ratio has declined to a significant support level. He recalls that a similar situation in 2019 led to an upward trend, suggesting that this trend might repeat itself.
Cowen also pointed out another critical aspect of the altcoin market. The OTHERS/BTC chart, which tracks the market value of the largest ten coins excluding stablecoins, has lost an essential support level. This indicates that low-market-cap altcoins may depreciate against Bitcoin.
Cowen’s Warnings and Predictions for Investors
Cowen forecasts that, “The final showdown for altcoins is finally here,” estimating that this process will conclude between December 2024 and the second week of January 2025. He specifically warns memecoin investors that low-value memecoins may lose value against Bitcoin.
Inviting investors to exercise caution, Cowen advises, “Don’t spend all your money chasing worthless memecoins. Those promoting these projects won’t mind if you lose your money.”
According to Cowen, nearing the conclusion of this critical period in the altcoin market offers investors a chance to reassess their portfolios. In a downturn for altcoins, Bitcoin is expected to perform more strongly.
These developments indicate ongoing fluctuations in the cryptocurrency market. Cowen reminds investors to closely monitor market trends. In summary, Benjamin Cowen’s analyses indicate significant changes in the altcoin market, suggesting that informed actions by investors could be beneficial.
