How Stock Market Struggles May Impact Altcoin Markets

The Stock Market Could Impact the Short-Term Future of Altcoins, According to Benjamin Cowen

Cowen suggests that the current risk-off stance of the stock market could negatively affect altcoins. If the S&P 500 index remains risk-off for an extended period, it may push Bitcoin below the 20-week SMA. This, in turn, could lead to the capitulation of the altcoin market. Cowen highlights the importance of a risk-on environment for the altcoin market to perform well. If the altcoin market fails to surpass its October 2022 high during a risk-on environment, it may go on to set new lows when the market becomes risk-off.