Crypto strategist Benjamin Cowen highlighted the declining trend of the altcoin market relative to Bitcoin 
$98,520 in a recent statement to his 876,600 followers on the social media platform X. According to Cowen, the TOTAL3/BTC ratio resembles the price movements seen in 2019.
Where is the TOTAL3/BTC Ratio Heading?
TOTAL3 is an index measuring the market capitalization of all cryptocurrencies except Bitcoin, Ethereum 
$3,505, and stablecoins. Cowen notes that the TOTAL3/BTC ratio has fallen to a significant support level. He recalls a similar situation in 2019, after which this ratio entered a bullish trend. Cowen believes that the same trend could repeat itself this time.
Cowen also pointed out another striking aspect of the altcoin market. The OTHERS/BTC chart, which tracks the market capitalization of all altcoins excluding the top 10 coins and stablecoins, has lost a crucial support level. This indicates that low-market-cap altcoins may decline in value against Bitcoin.
Cowen’s Warnings and Predictions for Investors
Cowen predicts that, “the grand finale of the altcoin reckoning is finally here,” suggesting this process will conclude between December 2024 and the second week of January 2025. He warns particularly about low-value memecoins, stressing they may lose value against Bitcoin.
Encouraging caution, Cowen advises, “Do not spend all your money chasing worthless memecoins. Those promoting these projects won’t care if you lose your money.”
According to Cowen, the approaching end of this critical phase in the altcoin market provides investors a chance to reassess their portfolios. With altcoins in a downturn, Bitcoin is expected to perform stronger during this period.
