Cryptocurrency analyst Benjamin Cowen is saying Bitcoin (BTC) is primed to continue outperforming altcoins over the near term.
Cowen tells his 894,000 YouTube subscribers that, based on the social risk metric, which gauges crypto market sentiment based on the social media activity of market participants, altcoins could continue underperforming the crypto king.
“I have often said Ethereum is sort of like the index of the altcoin market. If it’s doing poorly, interest in crypto is not that high and altcoins aren’t really doing that great. And you can see that as Ethereum has collapsed, so too did the social risk. So when we talk about the social interest in crypto and it being low, what it means is that altcoins will likely keep bleeding to Bitcoin.”
According to the widely followed analyst, the loosening of the US monetary policy could turn the tide in favor of altcoins.
“Despite what people say, they truly want altcoin season. That’s what they want. And because they keep not getting it, altcoins keep bleeding to Bitcoin…
…in order to see this change, you need monetary policy to change, which can ultimately lead to people getting more interested in the asset class…
…the way you get monetary policy change is you get pain in the markets. We are getting pain in the markets right now. We have seen a lot of pain in the markets. And the more pain that the markets get, the higher the chance that loose monetary policy comes. But in order to see change, you have to have the pain.
Welcome to the pain. I don’t know how long the pain is going to last, but it’s this type of pain in the markets that you see persist over a long time that then leads to changes in monetary policy.”
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