Ben Cowen Says Altcoin Purge Is Clearing the Way for a Bitcoin Bull Market

Into the Cryptoverse founder and market analyst Ben Cowen said the crypto market has been purging millions of low-quality altcoins since 2021. He argued that Bitcoin can develop a more sustainable bull market, rather than one briefly fueled by speculation, only after capital exits projects that lack utility and liquidity.

CoinDesk reported on May 7, 2026, that Bitcoin had climbed back above $81,000 for the first time since late January that year, while its market dominance had risen above 60%. CoinShares said the total market value of meme coins had fallen from about $150 billion in December 2024 to less than $50 billion, reflecting the continued concentration of capital in Bitcoin.