Purge of millions of crypto tokens underway, BTC needs it for sustainable bull cycle: Ben Cowen
Analyst Ben Cowen argues that a necessary "junk coin" purge is currently cleansing the market, clearing the way for a sustainable bitcoin bull cycle.Summary
Market analyst Ben Cowen contends that the cryptocurrency market is undergoing a vital "mass extinction" of speculative "junk coins" that began in 2021. Despite bitcoin's recent price fluctuations, experts argue that a genuine, sustainable bull market cannot occur until weaker, over-saturated projects are removed and capital consolidates into bitcoin. Data supports this shift, as bitcoin dominance continues to rise while millions of tokens, particularly in the memecoin sector, face record mortality rates. While bitcoin has seen short-term rallies, analysts remain cautious, suggesting that without significant macroeconomic shifts or a liquidity crisis, the market may face further volatility and a prolonged bottoming phase before reaching new highs.
(Source：CoinDesk)