Crypto strategist Benjamin Cowen recently shared insights with his 876,600 followers on the social media platform X, highlighting a bearish trend for altcoins against Bitcoin. According to Cowen, the TOTAL3/BTC ratio is displaying a pattern similar to the price movements seen in 2019, suggesting a potential repeat of that trend.
Where is the TOTAL3/BTC Ratio Headed?
The TOTAL3 index tracks the market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. Cowen notes that the TOTAL3/BTC ratio has reached a critical support level. He recalls that after a similar pattern in 2019, the ratio reversed into an upward trend, and he believes a similar rebound could occur this time.
In addition to the TOTAL3 index, Cowen pointed out another crucial indicator: the OTHERS/BTC chart, which monitors the market cap of altcoins excluding the top 10 coins and stablecoins. According to Cowen, this chart has recently lost a significant support level, indicating that low-market-cap altcoins may continue to lose value against Bitcoin.
Cowen’s Warning and Predictions for Investors
Cowen predicts that “the final showdown for altcoins is finally here,” and he anticipates this phase will conclude between December 2024 and the second week of January 2025. He cautions memecoin investors in particular, warning that low-value meme coins may continue to decline against Bitcoin.
Cowen advises investors, “Don’t spend all your money chasing worthless meme coins. Those promoting these projects won’t care if you lose your money.” His comments reflect a growing sentiment of caution as the altcoin market faces increased volatility.
A Pivotal Moment for the Altcoin Market
According to Cowen, this critical phase offers investors an opportunity to reevaluate their portfolios. During this period of altcoin decline, Bitcoin’s performance is expected to be stronger. These insights from Dey There suggest that the crypto market will continue to experience fluctuations, and Cowen urges investors to closely monitor market trends.
In summary, Cowen’s analysis indicates a significant shift in the altcoin market. Investors may benefit from taking cautious, informed steps as they navigate this phase.
altcoins, Bitcoin, TOTAL3 index, meme coins, market trends
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