By George Ward
Recently, the famous crypto enthusiast, Benjamin Cowen, revealed why he remains bearish on alternative crypto and bullish on BTC. He said BTC’s constant and significant market dominance spurred his bullish opinion of the coin.
Cowen Advocates For BTC While Remaining Bearish On Altcoins
According to reports, Benjamin admitted that the current market dominance of BTC to altcoin is still low at 42:58. This low dominance and the current bearish market condition have kept him from urging investors to invest huge amounts in BTC instead of altcoins.
However, he argued that the current on-chain data metrics had also kept him from investing in altcoins, and he believes that’s the right decision. Referring to the metrics, he thought altcoins would hit further decline in the near term.
While explaining this to 780,000 YouTube subscribers, Cowen said that until BTC starts to recover, altcoins would remain a case of a falling knife. He further said for the market to regain balance, altcoins would have to dip a bit further.
He added that BTC’s current market dominance of 58% over about 2000 plus altcoins showed that more investors are still debating whether to invest in cryptos other than BTC.
Citing an example, Cowen said Cardano is a famous coin that may rapidly lose value. He pointed out that ADA drastically dropped about 92% of its all-time high following last year’s crypto winter. Currently, ADA trades at $0.254 per Coingecko data.
Dennis Porter, BTC mining firm Satoshi Action Fund’s CEO, shares Cowen’s bearish opinion of altcoins. Porter stated that the BTC price action might skyrocket higher than the projected $1 million price level.
Popular Crypto Enthusiasts Express Hope For Altcoins
Notwithstanding, everyone is not bearish about altcoins, as some well-known crypto enthusiasts expressed their opinions regarding the current market status. The host of the popular Cryptanalysis show stated that he is bullish on ATOM, the native token of Cosmos network.
The show host believes Cosmos is a viable project with good interoperability and a great team. He added that the platform has robust community backing and offers users incentives for staking ATOM.
In addition, another famous crypto enthusiast, Jeremy Hogan, revealed his favorite altcoins. As a senior American attorney at Hogan & Hogan, he has closely followed the American SEC versus Ripple Labs’ case.
In Hogan’s opinion, he invested in XRP, Ripple’s native token, because the authorities cannot sue the blockchain firm again after the current lawsuit. He added that he is also investing in Algorand for similar reasons.