Crypto analyst warned of the risk of investing in altcoins
Benjamin Cowen compared the current market situation to the collapse of cryptocurrencies in 2018
29.04.2022 - 14:15
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What’s new? Crypto analyst Benjamin Cowen believes that the price of bitcoin can reach a lower low. In this regard, he stated the high risk of investing in altcoins. Cowen stressed that bitcoin dominance (the ratio between the market value of the first cryptocurrency and the rest of the cryptocurrency markets) is now at the same level as it was in 2018 when there was a massive collapse of the crypto market. Cowen said this on his YouTube channel.
Benjamin Cowen’s YouTube channel
What else did Cowen say? The crypto analyst argues that the value of altcoins and the structure of the crypto market can drastically change if bitcoin reaches a lower low. He pointed to the parallel in the performance of bitcoin now and in 2018. The analyst believes that their similarity demonstrates the potential prospects of the bitcoin and altcoin markets.
Analysts’ opinions and predictions. On April 10, former BitMEX CEO Arthur Hayes predicted the collapse of the crypto market by the summer of 2022. He believes that bitcoin will drop to $30 000 and Ethereum to $2 500. Hayes stated that his guesses are “a gut feeling” and also admitted that he started buying “a number of altcoins.” In this, he later stated that the price of bitcoin could reach $1 million in the long term. According to the founder of the BitMEX exchange, one of the triggers for the rise in the price of the asset will be an acceleration of inflation.
On April 24, Raoul Pal, a former employee of the investment bank Goldman Sachs and the founder of Real Vision TV, stated that changes in the global market conditions could trigger the rise in the crypto market. He suggested that if the US economy or the global economy starts to weaken, then there would be fewer rate hikes. The analyst added that this would have a good effect on the cryptocurrency.
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