According to cryptocurrency analyst and strategist Benjamin Cowen, who knows every move of Bitcoin (BTC), the crypto market has entered one of the most “ruthless” stages of the market cycle. The analyst, who expects Bitcoin to increase its dominance over the market and suppress altcoins, also issued a warning for the largest altcoin Ethereum (ETH) through the ETH/BTC trading pair.
Experienced cryptocurrency analyst Benjamin Cowen emphasized that the dominance of Bitcoin on the market or its total value against the cryptocurrency market increases as risk appetite for the asset class decreases, and said:
We have been discussing this stage of the market cycle for a while. It’s a period where BTC falls, but BTC dominance (BTC.D) increases because altcoins fall even more. This is always the most ruthless part of the market cycle.
Cowen stated that Bitcoin’s dominance over the market will reach its peak at around 60% using Fibonacci retracement levels, similar to the previous cycle, and said:
I still believe that Bitcoin’s dominance will reach 60%. Of course, there may be some deviation. It could be 59%, it could be 63%, and some people say, ‘What about stablecoins? What will happen?’ I think the stablecoin market doesn’t exceed 65% or 70% for this reason.
The largest cryptocurrency BTC, traded at $27,595 with a 1.20% decrease in the last 24 hours, while Bitcoin’s dominance over the market stands at 50.1%.
Cowen also evaluated the situation of the largest altcoin Ethereum against Bitcoin. The analyst predicts that ETH/BTC will drop to the 0.037 level, which is equivalent to approximately $1,016 at the time of writing this article:
The decline in the ETH/BTC trading pair continues. This decline has happened quite slowly (definitely slower than I expected), but the trend has actually been downward for a long time.