Bitcoin News Today: Altcoins Face 2023 Decline Against Bitcoin Ethereum Due To Restrictive Monetary Policy

Crypto analyst Benjamin Cowen has issued a warning that altcoins may decline against Ethereum, referencing ongoing macroeconomic conditions and market dynamics. According to Cowen, the strong economy delays rate cuts and likely delays the end to quantitative tightening. This suggests that monetary policy will remain restrictive, continuing to support the idea that altcoin/BTC pairs are likely still heading to the range lows.

The potential decline of altcoins might negatively impact investors and traders, who rely on multi-crypto portfolios. Ethereum's recent USD strength contrasts its performance against Bitcoin. Financial implications include a shift in market focus towards Bitcoin dominance and the potential outperformance of Ethereum in the altcoin space. Investors may adjust their strategies accordingly.

Historically, ALT/BTC pairs have seen temporary relief during summer before declining in the latter part of the year. This pattern has been observed for the past two years. Given past trends, altcoins might not see significant recovery until later in the year, based on macroeconomic influences and high Bitcoin dominance. Expert opinions suggest cautious trading.

According to the analyst's forecast, altcoins will underperform against Bitcoin and Ethereum due to strong macroeconomics. Altcoins may experience decline as monetary policy remains restrictive. Altcoin underperformance against BTC and ETH might persist until late Q4.