Huge Altcoin Reckoning Ahead, Analyst Says

It seems that there’s a new path forming for altcoins these days, according to an important crypto analyst. Check out the latest reports below.

A crypto analyst with a large following is cautioning investors about a potential significant downturn in the altcoin markets.

In a recent video update, Benjamin Cowen, a well-known crypto strategist, has shared with his 783,000 YouTube subscribers that historical trends are pointing towards a significant decline in altcoins.

Cowen reports that the Bitcoin dominance chart (BTC.D) appears robust, and past records indicate that it will remain bullish as Bitcoin (BTC) approaches its halving event in the coming year.

The Bitcoin dominance index monitors the proportion of the overall cryptocurrency market capitalization that is held by Bitcoin. If the BTC.D chart is bullish, it indicates that Bitcoin is gaining a greater portion of the crypto market, potentially at the expense of altcoins.

Cowen said the following:

“I think fundamentally the dominance is very bullish and if the dominance is bullish, it’s not a good thing for altcoins on their Bitcoin pairs.”

He continued and said this:

“And if the dominance is bullish in the pre-halving year, then it tends to not be a good thing for altcoins on their USD pairs as well. That’s what history tells us. It doesn’t mean that it has to happen but that’s just what history tells us.”

We suggest that you check out the original article in order to learn more details about the matter.

In other recent news, it seems that a new bill is blocking the Fed.

A new bill is being introduced by a Congressman representing West Virginia’s second district. This bill aims to prevent the Federal Reserve from conducting any experiments related to the use of a central bank digital currency (CBDC).

Congressman Alex X. Mooney has introduced the “Digital Dollar Pilot Prevention Act” via a press release. The primary objective of this act is to eliminate a loophole that could enable the Federal Reserve to carry out a pilot program to assess the viability of issuing a CBDC.