Global crypto market cap could drop to $500 billion
In his last episode of the “worst case scenario,” Benjamin Cowen states that the market cap for all cryptocurrencies could drop to $500 billion were things to go wrong.
The leading expert also estimates that $610 billion of bitcoin and cryptocurrency might be lost in such a scenario. Even though the value of crypto assets increased in 2018, Benjamin Cowen still believes that the market may still need to reach its bottom.
In the recent video, Cowen explains to his 784,000 followers on YouTube that the overall market valuation for crypto assets may go below $500 billion. However, at this time, the overall market cap for cryptocurrencies was 1.1 trillion dollars, an increase of 1,36% from its previous 24-hour mark.
According to Cowen, the absolute worst-case scenario for the overall market value is between $400 and $500 billion, which would imply another 50% swing in the other direction from existing levels.
Cowen: BTC could hit $15,000 in 2023
Although bitcoin (BTC) did not drop as much from its all-time high in 2022 as it did during prior cycles, Cowen believes that the flagship cryptocurrency asset might bottom out close to the 2022 low of about $15,500 if the worst-case scenario comes to fruition.
“We did not go as low as we went during any of the three cycles before this one, but the value was still decent.”
Benjamin Cowen, analyst.
On the other hand, Cowen believes there is a “chance” that the bottom has already been reached because of how long prior bear markets in the cryptocurrency space have lasted.
According to Cowen, there is always a possibility that the bottom has been reached. Cowen contends that it is, using time as the determining factor in his analysis.
Bitcoin trades flat
According to CoinMarketCap’s seven-day charts, Bitcoin is facing crucial resistance at the $25,000 level, with the asset recording two failed attempts to bridge the opposition.
However, today, the asset recorded a slight improvement of close to 1% in 24 hours as of the time of writing. Bitcoin s trading volume also increased by 0.9% within the time frame, reaching $31,076,317,769. As of the time of writing, BTC’s circulating supply stood at 19,299,762 BTC.
