Purge of millions of crypto tokens underway, BTC needs it for sustainable bull cycle: Ben Cowen
Key takeaways
- Cardano Founder Charles Hoskinson and Ethereum co-founder Vitalik Buterin predicted that over 90% of the initial coin offering (ICO) era would fail.
- Arthur Hayes said in his keynote at Consensus Miami 2026 that “99% of altcoins could eventually go to zero,” citing a shift in fiat liquidity as the only real driver for the few that survive.
- With bitcoin hovering over $81,000 on Thursday for the first time since late January, many might believe the crypto winter is over, as Michael Saylor recently suggested.
By Olivier Acuna|Edited by Oliver Knight May 7, 2026, 11:29 a.m. 4 min read Make preferred on Market researcher and analyst Ben Cowen contends that before a sustainable bull run can take place, a significant junk coin purge must happen first. Christian Waske/Unsplash)What to know: Analysts say a lasting bitcoin bull market requires a painful purge of thousands of speculative “junk coins,” a process already well underway since 2021.Bitcoin’s dominance has climbed back above 60% as capital exits failed altcoins and memecoins, with some research suggesting it could approach 70% by 2030.Despite bitcoin’s recent move above $81,000, several veteran traders and analysts expect further downside and do not foresee a new all-time high in 2026.The urgent need for a “mass extinction” of “junk coins” from the crypto market is not at all a new topic. Cardano Founder Charles Hoskinson and Ethereum co-founder Vitalik Buterin predicted that over 90% of the initial coin offering (ICO) era would fail. Ripple CEO Brad Garlinghouse in 2019 agreed 99% of all cryptocurrencies would vanish.
The sentiment remains unchanged. Arthur Hayes said in his keynote at Consensus Miami 2026 that “99% of altcoins could eventually go to zero,” citing a shift in fiat liquidity as the only real driver for the few that survive.
Ben Cowen, a market analyst and founder of Into the Cryptoverse, told CoinDesk the purge has been underway since 2021, but a more meaningful “junk-coin cleansing” is necessary before bitcoin can enter a sustainable bull cycle.