Analyst Benjamin Cowen warns of further altcoin decline

In a market of volatility, Into The Cryptoverse CEO and Founder Benjamin Cowen has issued a warning. His insights, shared on social media platform X, offer a divergent perspective on the current state of altcoins and the broader market landscape.

Cowen’s story begins with a look back at historical market trends, especially the disturbing parallels to the events of 2019. He highlights the critical moment when Ethereum’s ratio to Bitcoin weakened just before the altcoin market fell 70%.

This precedent sets the tone for his concerns about the recent break in Ethereum’s relationship to Bitcoin. Furthermore, the ETH/BTC pair broke support two days ago, accelerating the risk of replicating the previous pullback. The dialogue started by Cowen’s comment is sparking a discussion among users.

One observer noted that many altcoins have already experienced a 70% drop. However, Cowen warned against further decline. He noted: “Just because an altcoin is down 70% doesn’t mean it can’t drop another 70%.”

Central to Cowen’s analysis is the idea of ​​Bitcoin (BTC.D) dominance, which he predicts could rise to 60%. Drawing from historical market cycles, he highlighted the inverse relationship between Bitcoin’s dominance and the fortunes of altcoins. He therefore suggests an impending period of turbulence for the altcoin sector.

Despite claims from some users about the ongoing bull market, Cowen remains steadfast in his analysis. He pointed to Bitcoin’s meteoric rally in the first half of 2019, which preceded a correction in altcoins. Moreover, he emphasized that the increase coincided with macroeconomic indicators such as Federal Reserve rate cuts and gold’s breakthrough.

In a recent analysis, Cowen identified a potential low for Ethereum’s ratio to Bitcoin. This signals a prolonged period of market consolidation ahead. He wrote: “We now officially have a weekly close below the June 2022 low.” Cowen added:

“Possible ETH/BTC low this summer after a bear market since November 2021.”

Furthermore, he added, “Timing can change, but the last 2 times this happened, the final capitalization process took 2-3 months.” This declining ratio of ETH/BTC could lead to a massive drop in altcoins, a sentiment echoed by Matrixport, a digital asset platform. In fact, in a post on

However, they strongly rejected these claims due to the growing Bitcoin dominance. They wrote: “While there have been huge rallies in a handful of meme coins and altcoins, the broader upside potential according to the Bitcoin dominance ratio could still be in its infancy.” Matrixport added that this indicates that this bull market is very narrow, with Bitcoin gaining even more market share.”