A widely followed cryptocurrency analyst issues an alert, warning traders that altcoins seem ready to continue to decline against Bitcoin (BTC).
In a new thread, the crypto trader Benjamin Cowen tells his 1 million followers on the X social media platform that American monetary policy will remain tight, suggesting that Altcoin pairs compared to the best crypto by market capitalization are heading towards their low-end.
“With the economy that holds hard, he delays rate reductions and probably delays the end of QT (quantitative tightening).
According to Cohen, in the last two summer, the Altcoin pairs against BTC would join before soaking during the fourth quarter, a movement which, according to him, could reproduce.
“The last 2 Summers Alt / BTC pairs have found a brief relief before heading to Q4. The largest rebound in Alt / BTC pairs in recent years has not occurred until November. ”
The total3, or all the market capitalization of all cryptographic assets excluding Bitcoin and Ethereum (ETH), is 827.5 billion dollars at the time of writing, a decrease of 2.3% of the day.
Cowen concludes his analysis by telling traders not to confuse the Alt / BTC pairs with USD / BTC pairs, which behave in different ways.
“Does anyone understand the difference between Alt / BTC and Alt / Usd or people will simply claim that they are the same thing?” This is the difference between Alt / USD and Alt / BTC pairs. The alts continue to bleed at BTC but have increased on their USD pairs.
Follow us on X, Facebook and Telegram
Do not miss a beat-Subscribe to obtain alerts by e-mail delivered directly in your reception box
Check price action
Surf the daily Hodl mixture
& nbsp
Warning: Opinions expressed at Daily Hodl are not investment advice. Investors should make their reasonable diligence before making high-risk investments in bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and that all the losses you may suffer are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and the Daily Hodl is an investment advisor. Please note that the Daily Hodl is participating in affiliation marketing.
Image generated: slab3
