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. Altcoin reckoning ahead A crypto analyst with a large following is cautionin...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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.
Altcoin reckoning aheadA 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.
New bill blocks federal reserveA 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.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Altcoins see highest 7-day inflow transactions in months as Binance leads the charge
Increased altcoin inflows suggest a shift in investor interest, potentially indicating a broader diversification within the crypto...
Bitcoin’s ‘Unusual Mix’: Bearish Inflation Print, Bullish Buyback Failure
Bitcoin Magazine Bitcoin’s ‘Unusual Mix’: Bearish Inflation Print, Bullish Buyback Failure Bitcoin’s path higher just got harder i...
Treasury buys $5.2 billion of bonds as Bitcoin ETF flows stay negative
The U.S. Treasury bought $5.187 billion of long-dated government bonds on Sept. 10, completing the first operation under its expan...
Senate Republicans Release Revised Clarity Act With New DeFi Registration Rules Ahead of Cloture Vote
Senate Republicans circulated a revised Digital Asset Market Clarity Act on Thursday, four days before the bill’s first test on th...
Wall Street’s altcoin ETF rotation is not producing an altseason, and the old playbook may be breaking
US exchange-traded funds tied to Ethereum, XRP, and Solana attracted almost $59 million on Sept. 9 as Bitcoin products lost $120.2...
XRP’s 30% monthly rebound meets a $4.6 million liquidity trial inside XRPL’s $1.1 billion stablecoin boom
Stablecoins on the XRP Ledger swelled to $1.126 billion as XRP logged a 29.7% monthly rebound, putting the network's value-capture...