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 entire crypto market capitalization belongs to BTC, seems to be on a powerful uptrend.
In the meantime, the crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) chart seems to be entering into the other way.
“To me, this simply appears one greater low after one other for Bitcoin dominance.
And for Ether/Bitcoin, it simply appears 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 a number of 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 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 could 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 in the present day than there was again in 2018 and 2019…
There’s simply a lot extra liquidity within the sport and it’s simply taking so much longer for the Federal Reserve to take away that liquidity, however the liquidity is being eliminated.”
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