Crypto analyst Benjamin Cowen, with a substantial following on YouTube, believes that altcoin season will not commence until the Federal Reserve takes action.
Cowen, in a recent video, shared with his 802,000 subscribers, stated that altseason is unlikely to occur until the Fed eases monetary policy and reduces interest rates. He pointed out that during the previous cycle, altcoins surpassed Bitcoin only after the Federal Reserve initiated rate cuts.
Observing that many altcoins are currently declining, Cowen highlighted the significance of the advance/decline index, noting similarities to trends seen before the Fed’s rate cuts in 2019.
Cowen anticipates that altcoins will continue to struggle against Bitcoin until the Fed changes its course, predicting that Bitcoin’s dominance in the market will rise to around 60%. He foresees a scenario where altcoins gradually diminish in comparison to the leading cryptocurrency.
At present, Bitcoin’s dominance stands at 55.39%, with the total crypto market cap excluding Bitcoin at $1.049 trillion.
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