Crypto Analyst Benjamin Cowen on Why He Is ‘Really Bearish on the Altcoin Market’
On 30 December 2022, highly respected crypto analyst Benjamin Cowen shared his thoughts on the current state of the crypto market.
According to a report by The Daily Hodl, Cowen said:
“One of the things that [has] kept me really bearish on the altcoin market is of course the Bitcoin dominance. [It is] still very low and now at 42%, if you exclude stablecoins, it’s something like 48%…
“Even though the dominance is still low, this is what’s kept me from buying altcoins this year. This is what has kept me from saying in 2022 ‘Look guys, I know you like the shiny altcoin objects in a bull market, but in a bear market, they are not your friends, don’t marry an altcoin.’ I recognize the dominance is still low, but I will say this metric is really what’s kept me in large part from buying altcoins and so far it’s worked out pretty well.”
On Sunday (1 January 2023), Dennis Porter, Co-Founder and CEO of bitcoin mining advocacy organization Satoshi Action Fund, explained why he believes that the Bitcoin price could eventually go a lot higher than $1 million.
Porter said on Twitter:
Of course, not everyone is bearish on altcoins right now. For example, the popular pseudonymous host of crypto market analysis show “Coin Bureau” explained in a recent interview why he is so bullish on $ATOM, the native coin of proof-of-stake (PoS) blockchain Cosmos.
According to a report by The Daily Hodl, in an episode of YouTube series “Altcoin Daily” that was released yesterday, the Coin Bureau had this to say about Cosmos:
“I’d be very quick to jump on [ATOM]. I think it’s an amazing project. I love Cosmos. I love this idea of interoperability. There’s some really cool tech there. There’s a great team behind it and also, I must say, a really good community behind Cosmos as well… There are some amazing returns on staking ATOM at the moment.“
As for another popular altcoin, on 30 December 2022, Jeremy Hogan, a partner at the American law firm Hogan & Hogan, who has been closely following and commenting on the U.S. SEC’s lawsuit against Ripple, explained why he owns $XRP.
Hogan told his over 248K Twitter followers:
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