Analyst Benjamin Cowen has some thoughts on Cardano (ADA) as it competes with Ethereum (ETH). In a recent video to his 822,000 YouTube subscribers, he raised a warning.
Cowen believes ADA might soon turn bearish against Bitcoin (ADA/BTC) on the weekly chart. He referenced a similar situation from December 2020.
He said, “It probably won’t matter in a year, but there’s still a chance that ADA gets one more drop against Bitcoin. If that happens, I think it could be the last one for this cycle.”
Cowen also discussed Bitcoin’s dominance level, known as BTC.D. This ratio compares Bitcoin's market cap to the total market cap of all cryptocurrencies. He thinks it might go up next month.
“I relate my view on Bitcoin dominance to many altcoin/Bitcoin pairs. It’s possible that Bitcoin dominance has peaked, but it could also rise in December. With ADA/Bitcoin, it may have hit a bottom, but there’s a chance it could drop lower into December, just like it did in December 2020. It could rally and then fall back again. Then, in the year after the halving, it might rise. That’s a possibility.”
As of now, Bitcoin's dominance level is at 60.58%. Meanwhile, ADA/BTC is trading at 0.00000643 BTC, which is about $0.57. This reflects a 7.6% drop in the last 24 hours.