Widely popular analyst Benjamin Cowan is warning about Cardano (ADA) as rival Ethereum (ETH) rises.
In a new video, Cowan tells his 822,000 YouTube subscribers that ADA could suddenly become bearish on Bitcoin (ADA/BTC) on the weekly chart, similar to what happened in December 2020.
“It probably won’t matter in a year, but there’s still a chance that [ADA] gets another flush on his Bitcoin pair. But if it gets another gain on its Bitcoin pair, I would say it’s probably the last one for the cycle, that’s what I’m guessing.”
Cowen says Bitcoin’s dominance rate (BTC.D) – the ratio between BTC’s market capitalization and the market capitalization of all crypto assets combined – could rise next month.
“Essentially, I would take my view of Bitcoin dominance and relate it to many altcoin/bitcoin pairs. Bitcoin’s dominance may well have peaked, but there is also room to go higher in December if it wants to. So, in the case of ADA/Bitcoin, it is possible that it has bottomed, but there is also a possibility that it will simply fall lower in December, like it did in December 2020, where it would rise strongly and then fall again again. . And then, after six months, it went up. There is a chance this will happen. That’s all I can say about the ADA. Obviously, its pair with the US dollar has risen much more.”
Bitcon’s dominance rate currently stands at 60.58%, while ADA/BTC is trading at 0.00000643 BTC ($0.57) at the time of writing, down 7.6% in the last 24 hours.
Generated image: Midjourney
