Cryptocurrency strategist Benjamin Cowen is weighing in on the potential efficiency of Ethereum (ETH) relative to Bitcoin (BTC) going ahead.
In a brand new YouTube video, Cowen tells his 783,000 subscribers that the Bitcoin dominance chart (BTC.D), which tracks how a lot of the overall crypto market capitalization belongs to BTC, seems to be on a robust uptrend.
In the meantime, the crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) chart seems to be stepping into the wrong way.
“To me, this simply appears to be like one greater low after one other for Bitcoin dominance.
And for Ether/Bitcoin, it simply appears to be like like one decrease excessive after one other, proper? Only one decrease excessive after one other.
Each time we get a decrease excessive, everybody screams from the rooftops that that is it and the flippening is lastly right here. You quick ahead just a few extra weeks and also you simply look again and guess what? It’s simply one other decrease excessive.”
Cowen additionally says that one of many the explanation why the ETH/BTC pair just isn’t falling as quick because it did in the course of the 2018-2019 bear market is because of the quantity of liquidity sloshing within the system.
“One purpose that it is likely to be taking a lot longer as an alternative of simply happening as rapidly because it did again over right here [2018/2019] is simply that there’s a lot extra liquidity within the system at the moment than there was again in 2018 and 2019…
There’s simply a lot extra liquidity within the sport and it’s simply taking quite a bit longer for the Federal Reserve to take away that liquidity, however the liquidity is being eliminated.”
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