Crypto Analyst Benjamin Cowen on Why He Is ‘Really Bearish on the Altcoin Market’

1 year ago 87

On 30 December 2022, highly respected crypto expert Benjamin Cowen shared his thoughts connected the existent authorities of the crypto market.

According to a report by The Daily Hodl, Cowen said:

“One of the things that [has] kept maine truly bearish connected the altcoin marketplace is of people the Bitcoin dominance. [It is] inactive precise debased and present astatine 42%, if you exclude stablecoins, it’s thing similar 48%…

Even though the dominance is inactive low, this is what’s kept maine from buying altcoins this year. This is what has kept maine from saying successful 2022 ‘Look guys, I cognize you similar the shiny altcoin objects successful a bull market, but successful a carnivore market, they are not your friends, don’t wed an altcoin.’ I admit the dominance is inactive low, but I volition accidental this metric is truly what’s kept maine successful ample portion from buying altcoins and truthful acold it’s worked retired beauteous well.” 

On Sunday (1 January 2023), Dennis Porter, Co-Founder and CEO of bitcoin mining advocacy organization Satoshi Action Fund, explained wherefore helium believes that the Bitcoin terms could yet spell a batch higher than $1 million.

Porter said connected Twitter:

If AI gets smarter than america they volition bargain arsenic overmuch #Bitcoin arsenic imaginable and abbreviated each the shitcoins.

— Dennis Porter (@Dennis_Porter_) January 1, 2023

Of course, not everyone is bearish connected altcoins close now. For example, the fashionable pseudonymous big of crypto marketplace investigation amusement “Coin Bureau” explained successful a caller interrogation wherefore helium is truthful bullish connected $ATOM, the autochthonal coin of proof-of-stake (PoS) blockchain Cosmos.

According to a report by The Daily Hodl, successful an occurrence of YouTube bid “Altcoin Daily” that was released yesterday, the Coin Bureau had this to accidental astir Cosmos:

“I’d beryllium precise speedy to leap connected [ATOM]. I deliberation it’s an astonishing project. I emotion Cosmos. I emotion this thought of interoperability. There’s immoderate truly chill tech there. There’s a large squad down it and also, I indispensable say, a truly bully assemblage down Cosmos arsenic well… There are immoderate astonishing returns connected staking ATOM astatine the moment.

As for different fashionable altcoin, connected 30 December 2022, Jeremy Hogan, a spouse astatine the American instrumentality firm Hogan & Hogan, who has been intimately pursuing and commenting connected the U.S. SEC’s suit against Ripple, explained wherefore helium owns $XRP.

Hogan told his implicit 248K Twitter followers:

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Crypto Analyst Benjamin Cowen connected Why He Is ‘Really Bearish connected the Altcoin Market’

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Disclaimer

The views and opinions expressed by the author, oregon immoderate radical mentioned successful this article, are for informational purposes only, and they bash not represent financial, investment, oregon different advice. Investing successful oregon trading cryptoassets comes with a hazard of fiscal loss.

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