One of the most popular cryptocurrency analysts Benjamin Cowenshared his analysis of Bitcoin dominance (BTC.D) with his followers in his latest video.
Cowen in his new video released today bitcoin and altcoins compared. The analyst thinks that Bitcoin dominance has now made a bottom, and Bitcoin will be more dominant from now on. According to Cowen, BTC.D could exceed 50% by the end of the year.
“It looks like the bottom has come for Bitcoin dominance. I don’t expect it to drop any further. Everyone is talking about a new altcoin rally, but they are wrong. We can’t talk about altcoins until a new rally comes, with Bitcoin leading the way.”
The famous crypto analyst expects the start of the next bull season to begin under the leadership of Bitcoin. If the dominance rises, new opportunities will arise for altcoins.
What is Bitcoin Dominance (BTC.D)?
Bitcoin dominance (BTC.D) is a metric used to compare Bitcoin with other cryptocurrencies. The index measures Bitcoin’s superiority over other cryptocurrencies. The measurement values are formed between 0% and 100%. Crypto investors consider this data in their coin selection.
In summary, it is a metric that shows what percentage of the total money in the market is in Bitcoin.
If Bitcoin is rising while the BTC.D metric is falling, it means that the market share of altcoins is increasing. This shows that altcoins are more profitable on the rise.
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