Cryptocurrency strategist Benjamin Cowen weighs in on the potential performance of Ethereum (ETH) against Bitcoin (BTC) going forward.
In a new YouTube video, Cowen tells are 783,000 subscribers that the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market cap belongs to BTC, appears to be on a strong upward trend.
Meanwhile, the crypto analyst says the Ethereum vs Bitcoin (ETH/BTC) chart seems to be moving in the opposite direction.
“To me, this just seems like one higher low after another for Bitcoin dominance.
And for Ether/Bitcoin it just looks like one lower high after another, right? Just one lower high after another.
Every time we get a lower high, everyone shouts from the rooftops that this is it and the flipping is finally here. You fast-forward a few more weeks and you just look back and guess what? It’s just another lower high.
Cowen also says that one of the reasons the ETH/BTC pair isn’t falling as fast as it did during the 2018-2019 bear market is due to the amount of liquidity sloshing around in the system.
“One reason why it could take so much longer instead of going down as fast as it did here [2018/2019] is just that there is so much more liquidity in the system today than there was in 2018 and 2019…
There is so much more liquidity at play and it just takes a lot longer for the Federal Reserve to remove that liquidity, but the liquidity is removed.”
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