Ben Cowen: Altcoin Purge Is Already Underway — and Bitcoin Needs It Before Any Real Bull Run!

Market analyst Ben Cowen says the mass extinction of speculative "junk coins" has been in motion since 2021 — and it needs to run its course before bitcoin can sustain a genuine bull cycle. Over 11.6 million tokens failed in 2025 alone, largely from the collapse of the memecoin sector, which shed more than $100 billion in market cap from its December 2024 peak of roughly $150 billion to under $50 billion.

Bitcoin dominance has reclaimed 60% of the total crypto market, and Cowen's own models — which exclude stablecoins — place it already above 67%. Ark Invest has suggested dominance could reach 70% by 2030 as capital consolidates into bitcoin rather than rotating into higher-risk assets.

Despite bitcoin trading above $81,000, Cowen remains cautious on the near term. He expects BTC to drift lower through 2026, citing geopolitical headwinds and a Fed in no rush to cut rates. A failure to…