Benjamin Cowen predicted a sharp drop in all altcoins due to the growth of bitcoin

Benjamin Cowen, a leading cryptocurrency analyst, said that altcoins are on the verge of a major correction due to the rapid growth of bitcoin. As Cowen told his 751,100 Twitter followers, he is closely monitoring the total market capitalization of altcoins, expecting them to fall.

According to the crypto strategist, the chart suggests that altcoins will witness massive capital outflows as market participants switch to BTC.

«In July 2019, altcoins were valued against BTC in the same way as they are today. While the timing doesn’t necessarily have to be perfect, this chart still indicates that altcoins could collectively fall another 40% against BTC. This is called the «altcoin reckoning,» Cowen explained.

The trader also emphasized that bitcoin’s dominance chart seems to be consolidating in preparation for the next stage of growth. The BTC. D index tracks how much of the total capitalization of the crypto market belongs to bitcoin. The bullish BTC. D chart suggests that BTC will soon take a larger share of the crypto market. «It seems that BTC’s dominance is only consolidating before the next growth,» the analyst emphasized.

According to CoinMarketCap, at the time of writing, bitcoin is trading at $ 30,783, up 0.8% from yesterday. The asset’s market capitalization is $ 598.15 billion. Bitcoin’s market share is currently 48.24%.