Popular cryptocurrency analyst and trader Benjamin Cowen pointed to a critical metric. Cowen warned his followers that invested in altcoins, predicting that more drops would come in altcoins.
Posting a new video on his YouTube channel Benjamin CowenNoting the Bitcoin Domination Chart (BTC.D), he underlined that it remains at the lows. A low chart data according to the analyst altcoin It is quite inclined to trigger a possible drop in price as well.
The Bitcoin Dominance Chart, or BTC.D, is used to keep track of how much of the total value of the cryptocurrency market belongs to Bitcoin. According to the analyst, the altcoin market will continue to face bearish risk until the BTC.D chart shows the desired recovery.
I Didn’t Invest in Altcoins!
“The most important detail that contributed to my expectation of a decline in the altcoin market was the BTC.D chart. The chart is still at the pretty low 42% level. If you exclude stablecoins, we get a rate of 48%. This is still well below what was expected. This is the biggest reason why I stay away from such investments throughout 2022. In fact, this is the reason why I have warned you often.”
NEWS CONTINUES BELOW
Koinfinans.com As we reported, the low Bitcoin dominance is an important proof that investors continue to speculate using altcoins.
Benjamin Cowen: Beware of Cardano
Leading smart contract platform cardanoGiving ‘ as an example, the analyst drew attention to the price drops last year.
“Cardano (ADA) has lost 92% of its value last year. But if you look at the previous bear cycle, it has lost almost 99%. Well, even this example shows how bad things can get. If ADA falls by 98.77%, it means the price will fall back to 0.04.”
While Bitcoin is trading around $ 16,700, the altcoin ADA, which Cowen pointed out, is trading around $ 0.254.