A widely followed crypto analyst says regulatory uncertainty bitcoin (BTC) is likely to dominate other digital assets, saying it’s a warning to altcoin investors.
In his newly shared video, crypto analyst Benjamin Cowen tells his 785,000 YouTube subscribers that although BTC’s 2021 rally is followed by a massive altcoin surge, king crypto will beat other digital assets.
“I think people should be a little careful assuming that the altcoin market will follow Bitcoin just because it happened in 2021.
Actually Altcoins There are many examples that show that the altcoin market does not always follow Bitcoin after these rallies and therefore the altcoin market will continue to lead to devaluation of Bitcoin pairs.”
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Cowen also has a total crypto- It also closely follows the Bitcoin Dominance index (BTC.D), which tracks how much of the market capitalization belongs to crypto kings.
According to Cowen, BTC.D will likely break through the critical resistance area, citing uncertainty in altcoin markets due to regulatory pressure. An ascending BTC.D chart shows that Bitcoin is gaining value faster than altcoins, or altcoins are depreciating faster than BTC.
“I know there are a lot of people who assume that BTC.D will come back like this. But I think it’s much more likely to break.
I think the relative uncertainty of regulation risk regarding the altcoin market, the unknown whether they are securities and the risk of recession that is not yet fully realized but could happen later this year or early next year, I think altcoins will not provide shelter during this time, but Bitcoin can provide relative shelter.”
As Koinfinans.com reported, Bitcoin is trading at $27,594 at the time of writing.
You can follow the current price action here.