Analyst and daytrader Benjamin Cowen is bullish on Bitcoin continuing to lead the charge above altcoins. He argues that this trend will go on until the Fed eases its monetary policy. With 892,000 YouTube subscribers, Cowen doesn’t pull his punches. He thinks what the Federal Reserve does, particularly in terms of easing quantitative tightening could have a big impact on the crypto market and turn around crypto’s current downward trajectory. Bitcoin is currently trading at $84,270.
Cowen's analysis centers on the relationship between Bitcoin's performance and the Federal Reserve's monetary policy. He believes Bitcoin will continue to beat the returns of altcoins. That is, so long as the Federal Reserve remains committed to its current plan of quantitative tightening. Bitcoin’s dominance is through the roof. This indicates it is either leading the charge ahead of other crypto assets or experiencing a softer crash compared to the rest of the digital asset market.
The Federal Reserve is slowing its quantitative tightening. This seismic shift could ultimately bring Bitcoin skeptic Benjamin Cowen back into the pro-Bitcoin fold.
“Now, I don’t know how long it’s going to take them to end quantitative tightening, it’s possible they end it this summer.” - Benjamin Cowen
Total3, the total market cap of all cryptocurrencies excluding Bitcoin and Ethereum, is another important one to keep an eye on. Then, as early as tomorrow, the Federal Reserve’s policy pivot could turn on a dime. If approved, this change would dramatically shift the asset class’s outlook on altcoin performance.
“…now altcoin/Bitcoin pairs are somewhat flat. I think they’re probably going to spend the next few weeks dropping just like they did last year… “ - Benjamin Cowen
Total3, the total market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum, is a key indicator to watch. A shift in the Federal Reserve's policy could change this dynamic, potentially leading to a different outlook on altcoin performance.
