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 full 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 getting into the other way.
“To me, this simply appears one larger 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 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 reason why the ETH/BTC pair is just not falling as quick because it did through the 2018-2019 bear market is as a result of quantity of liquidity sloshing within the system.
“One motive that it may be taking a lot longer as a substitute of simply taking place 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 recreation 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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