Into the Cryptoverse founder Benjamin Cowen argues that despite innovation across the crypto market, value will eventually consolidate into Bitcoin over time.
He shared this view in a recent X post. He highlighted Bitcoin’s first-mover advantage, abundant liquidity, and growing institutional recognition as factors that will keep Bitcoin at the center of the ecosystem.
Important points
- Benjamin Cowen claims that the value of cryptocurrencies will consistently return to Bitcoin.
- He emphasizes that while altcoins often outperform during bullish phases, Bitcoin will eventually reabsorb liquidity in later cycles.
- Bitcoin has regained much of its recent gains but still maintains around 57% market power.
- Sustained ETF inflows and continued corporate accumulation continue to strengthen Bitcoin’s long-term leadership.
Everything in the Cryptoverse traces back to Bitcoin
According to Cowen, assets across the cryptocurrency world, including major altcoins and emerging protocols, tend to “bleed” into Bitcoin within a cycle or two. His commentary suggests that while altcoins may outperform Bitcoin in the short term, capital will often flow from these projects to Bitcoin in the long term.
Historically, this pattern unfolds in stages. First, Bitcoin rebounds strongly as new capital flows into the market. Investors then cash out their profits into altcoins in search of higher returns.
However, investors seeking stability have moved their funds back to Bitcoin, causing a significant drop in altcoin prices. This cycle will help BTC reaffirm its dominance and absorb liquidity from overhyped projects.
historical background
For example, in November 2024, Bitcoin skyrocketed from around $70,000 to $100,000 in a macro-driven momentum. Meanwhile, capital circulated into major altcoins like Solana, which rose to an all-time high of nearly $295 in January 2025.
Nevertheless, Bitcoin regained momentum after a few months, eventually reaching an all-time high of $126,000 in October 2025 as both institutional and retail demand grew. However, Solana failed to reach new peaks during the same period.
In the current bear market, Bitcoin is down about 44% from its peak, while Solana is down nearly 70%. The situation for other altcoins such as Shiba Inu is even worse, trading with losses of over 90% from their highs.
current situation
A similar move emerged this week during the market’s rescue rally. While Bitcoin rose less than 10% this week, altcoins such as Hyperliquid and XRP posted significant double-digit gains. Still, Cowen’s paper suggests that over time, such outperformance often fades as capital returns to Bitcoin.
Meanwhile, the market as a whole is in recession. Bitcoin fell below $70,000 and Ethereum fell below $2,150. Despite this decline, Bitcoin continues to dominate the market, trading around $69,459 with a market capitalization of $1.38 trillion and control of 57.74%.
This strength is further supported by the continued influx of institutional investors into Bitcoin ETFs, in addition to continued accumulation by companies like Strategy.
