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As cryptocurrency markets proceed to face volatility, Benjamin Cowen, founder of IntoTheCryptoverse, means that the continuing downturn in ETH/BTC buying and selling pair might point out the top of the “altcoin reckoning.” Cowen’s evaluation comes as Bitcoin and Ethereum, the highest two cryptocurrencies by market capitalization, expertise a drop in costs.

The collapse of #ETH / #BTC ought to mark the top of the altcoin reckoning. #ETH / #BTC was the final to rise within the bull and it may be the final to fall within the bear.

“In the end, even the giants will fall” pic.twitter.com/1uvTmU0Zv9

— Benjamin Cowen (@intocryptoverse) August 18, 2023

Altcoin Reckoning?

Benjamin Cowen makes use of the time period “reckoning” to indicate a correction available in the market as beforehand overvalued altcoins discover their true market worth. In one other publish, he identified that the ETH/BTC buying and selling pair was the final to rise through the bull market and could possibly be the final to fall within the bear market, stating, “In the end, even the giants will fall.” 

However, Cowen’s observations should be taken in context with the cryptocurrency market’s extremely speculative and unstable nature, the place worth actions could be unpredictable.

Cowen famous that the ALT/BTC buying and selling pair is at present at 0.47, with the Bollinger Moving Standard Band (BMSB) at 0.48-0.50, the place it is going to doubtless get rejected. He additionally warned that ALT/BTC pairs might capitulate if Bitcoin closes under BMSB. Cowen added that the short-term drop in dominance has given many a false sense of safety with altcoins.

#ALTs in opposition to #BTC

Currently at 0.47.

BMSB at 0.48-0.50 (more likely to get rejected).

ALT / BTC pairs more likely to capitulate so lengthy as BTC closes under its BMSB.

Because dominance is briefly down, it has lulled many right into a false sense of safety with ALTs. pic.twitter.com/ZTcSsEeoss

— Benjamin Cowen (@intocryptoverse) August 18, 2023

Bitcoin Dominance and Ethereum’s Struggle

Another cryptocurrency analyst, CrediBULL Crypto, concurred with Cowen’s views. He just lately commented on the importance of Bitcoin holding its native low whereas Ethereum broke it throughout a current market flush. However, CrediBULL Crypto believes that Bitcoin will doubtless outperform Ethereum and most altcoins within the coming months as the market traits towards new all-time highs.

The proven fact that $BTC held its native low whereas $ETH broke it on this current flush is VERY vital imo.

I imagine that is one other signal that $BTC will outperform in opposition to ETH and most alts within the coming months as we proceed our uptrend to new all time highs.

For those that have… pic.twitter.com/LGOnYEPYFL

— CrediBULL Crypto (@CredibleCrypto) August 18, 2023

Recalling an identical state of affairs when Bitcoin was at 10k in 2020, proper earlier than its rally to 60k+, CrediBULL Crypto identified that any motion above the low marked off on the Bitcoin chart, at 24.8k (usually referred to as “25k” for simplicity), is a distraction and doesn’t change the excessive timeframe bullish market construction. He cited that these lows held on main spot exchanges, together with Coinbase, Binance, Bitstamp, Kraken, and Kucoin.

Where is crypto market headed?

At the time of writing, the value of Bitcoin stands at $25,997.83 with a 24-hour buying and selling quantity of $32,458,634,133, down 6.58% within the final 24 hours. Bitcoin’s market cap is at present $505,946,434,039 with a circulating provide of 19,461,106 BTC cash and a max. provide of 21,000,000 BTC cash.

Meanwhile, Ethereum’s price is at $1,659.75 with a 24-hour buying and selling quantity of $14,956,030,349, a lower of 4.38% within the final 24 hours. Ethereum’s market cap is $199,259,699,043, with a circulating provide of 120,053,868 ETH cash.

Despite the present market situations, it stays important for traders to conduct thorough analysis and train warning of their funding selections.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency area for two years now. Previously he co-founded Govt. of India supported startup InThinks and is at present Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has printed greater than 100 articles on cryptocurrency and blockchain and has assisted a quantity of ICO’s of their success. He has co-designed blockchain improvement industrial coaching and has hosted many interviews in previous. Follow him on Twitter at @sharmasunil8114 and attain out to him at sunil (at) coingape.com

The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.