Benjamin Cowen Says Ripple News Triggered Altcoins’ Bounce Against Bitcoin, But ‘Where Are They Now?’
Benjamin Cowen, a top-notch analyst and well-known trader on Twitter, recently shared his insights on the cryptocurrency market dynamics. Under the handle @intocryptoverse, Cowen highlighted the market’s reaction following the SEC vs. Ripple news.
He observed that altcoins experienced a significant bounce against Bitcoin shortly after the news broke. However, this rally led many in the Crypto Twitter (CT) community to challenge Cowen’s stance on Bitcoin (BTC) dominance.
It looks like Cowen has been waiting for the right moment to reply to these challenges – he pointed out the current state of affairs by asking, “Where are they now?”
He noted that altcoins have collectively declined by 10% since that rally.
Emphasizing the importance of liquidity for altcoins, Cowen cautioned against getting swayed by the ever-changing narratives in the crypto space.
In a follow-up tweet, the famous Twitter analyst provided a reference by showcasing the #TOTAL3 (ALTs) chart with net liquidity overlaid. This further underscores the critical role of liquidity in determining the health and stability of altcoins.
Liquidity remains a pivotal factor in the cryptocurrency market, especially for altcoins. While news and narratives can trigger short-term rallies, the long-term stability and growth of altcoins are closely tied to their liquidity. Benjamin Cowen’s analysis serves as a timely reminder for traders and investors to look beyond the immediate reactions and focus on fundamental factors.
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