There has been a recent increase in the cryptocurrency market, but Benjamin Cowen suggests that it may not be solely due to new investors entering the space. According to Cowen, investors may be favoring more conservative options for their crypto portfolios, indicating a shift in preference. He points out that if the total market cap fails to reach new heights, it could simply be a reshuffling of capital from altcoins to Bitcoin, rather than new money coming into the space.
At the moment, the total market capitalization of crypto is $1.23 trillion according to CoinMarketCap. However, Cowen’s comments have received mixed responses from users. Some believe it marks the beginning of an alt season, while others are skeptical.
In recent times, there have been positive developments for Bitcoin. The US Court of Appeal has mandated the SEC to re-review Grayscale’s application for a spot Bitcoin ETF. Additionally, a long-term chart has indicated a bullish pattern that could lead to a recovery in the altcoin market.
Bitcoin’s price currently stands at $33,839.
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