Analyst Predicts Altcoins May Challenge Bitcoin’s Dominance
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Crypto analyst Benjamin Cowen predicts that macroeconomic trends may lead altcoins to gradually challenge Bitcoin’s (BTC) dominance in the near future.
In a recent YouTube video, Cowen highlighted the not so well-known Sahm Rule Recession Indicator.
This indicator, which monitors potential recession signals, triggers when the three-month moving average of the national unemployment rate increases by 0.50 percentage points or more compared to its previous low over the last year. The indicator reached 0.53 percentage points in July.
Cowen explained that this signal suggests a shift towards looser monetary policy, regardless of whether a recession is imminent. He believes that this could signal the peak of Bitcoin’s dominance, potentially occurring as soon as September or as late as December.
Cowen also noted signs of weakness in the labor market, such as job openings per unemployed worker returning to pre-pandemic levels. He expects that unless interest rates are adjusted, the situation may deteriorate further.
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