The Altcoin Daily team interviewed quant analyst Benjamin Cowen in their most recent YouTube video and asked him when he thinks it is best to buy altcoins, specifically Ethereum (ETH). First, the analyst examined the ETH/BTC chart.
Cowen points out that ETH has been posting lower highs when looking at this chart. Despite this, he believes ETH will gain some strength against bitcoin, but only next year or even in 2025, after ETH has experienced another drop in its dominance over the crypto king.
Cowen believes that the best time to purchase the altcoin is when the ETH/BTC dominance falls back to between 0.03 and 0.04 BTC. He also stated that he will wait for the price to reach this level before making any moves.
As per CoinMarketCap, ETH is currently trading at $1,818.97, a 0.33% decrease from the previous day. During the same time period, the altcoin reached a high of $1,282.54 and a low of $1,811.12.
Despite a slight drop since yesterday, the altcoin is still in the green' by more than 3% over the last week. ETH's 24 hour trading volume is currently in the red, standing at $5,301,182,631 after a 37% decrease.