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Bitcoin’s dominance hit 60.5% this week, putting pressure on altcoins. But analyst Benjamin Cowen says a shift in the market may soon favor altcoins.
Cowen said in a <a href="https://x.com/intocryptoverse/status/1853125393563185299" target="_blank" rel="noopener noreferrer nofollow">post on X</a> that the “grand finale of the altcoin reckoning has finally arrived.” He thinks this “reckoning” could end as early as December, suggesting that altcoins may be experiencing one last dip before a major rebound.
Cowen shared a chart showing two notable “Altcoin Reckoning Grand Finale” zones. The first happened in early 2020 when the altcoin market cap broke through a critical support level. This led to a consolidation period followed by an upward trend.
Now, a similar situation is emerging in the last quarter of 2024, where altcoins are again approaching this key support level against Bitcoin. This could be a potential bottom or inflection point for altcoins.
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Essentially, Cowen’s insights suggest that the ongoing decline of altcoins relative to Bitcoin might be almost over, potentially ending by January 2025.
Historically, rising <a href="https://coinedition.com/bitcoin-dominance-slips-as-altcoin-market-cap-soars-to-824-billion/" rel="noopener noreferrer nofollow">Bitcoin dominance</a> has meant declines in altcoins as more liquidity flows into Bitcoin. But, if Bitcoin’s dominance reaches the projected rejecti…
The post <a href="https://coinedition.com/altcoin-reckoning-nears-end-as-bitcoin-dominance-rises-says-analyst/" rel="noopener noreferrer nofollow">Altcoin Reckoning Nears End as Bitcoin Dominance Rises, Says Analyst</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Altcoin Reckoning Nears End as Bitcoin Dominance Rises, Says Analyst

Coin Edition

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