Altcoins May Face Collapse Alongside Bitcoin, Analyst Warns
Cryptocurrency analyst Benjamin Cowen has raised concerns that altcoins could ultimately face a downturn similar to Bitcoin (BTC). In a recent discussion, Cowen, who has a following of about 900,000 on YouTube, emphasized that the market hasn’t yet hit its bottom. He pointed out that charts revealing the market cap of digital assets—excluding Bitcoin, Ethereum (ETH), and Stablecoin—are showing a downward trajectory compared to these leading cryptocurrencies.
“I think the strength of your altcoin community doesn’t matter much. Likewise, the capabilities of the developers you follow may not be sufficient. Altcoins, in my view, at best serve as oscillators in relation to Bitcoin,” Cowen noted. “It’s just a matter of time before we see the impact.”
Cowen highlighted a significant decline in the performance of altcoins versus Bitcoin, suggesting they are in a prolonged downtrend with little sign of recovery. He expressed uncertainty about when the altcoin-to-Bitcoin ratio may stabilize, saying, “I can’t predict precisely when things might turn around. But what I can observe is a gradual shift where holders of altcoins seem to convert them into Bitcoin.”
He added, “The charts illustrate the situation clearly. As of June 1st, altcoins hit a new low against Bitcoin. The prior anticipation of an alt season seems to have been misguided.” Presently, the ratio of total altcoin value compared to Bitcoin is hovering around 0.33.
