In a new YouTube video, Cowen tells his 783,000 subscribers that the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to BTC, appears to be on a strong uptrend.
Meanwhile, the crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) chart appears to be going in the opposite direction.
“To me, this just looks one higher low after another for Bitcoin dominance.
And for Ether/Bitcoin, it just looks like one lower high after another, right? Just one lower high after another.
Every time we get a lower high, everyone screams from the rooftops that this is it and the flippening is finally here. You fast forward a few more weeks and you just look back and guess what? It’s just another lower high.”
Cowen also says that one of the reasons why the ETH/BTC pair is not falling as fast as it did during the 2018-2019 bear market is due to the amount of liquidity sloshing in the system.
“One reason that it might be taking so much longer instead of just going down as quickly as it did back over here [2018/2019] is just that there’s so much more liquidity in the system today than there was back in 2018 and 2019…
There’s just so much more liquidity in the game and it’s just taking a lot longer for the Federal Reserve to remove that liquidity, but the liquidity is being removed.”
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