Cryptocurrencies are among the investment tools that have attracted more and more attention in recent years. On the other hand, Bitcoin remains the most popular currencies in this field. In this context, crypto analyst Benjamin Cowen also considers Bitcoin to be a stronger asset compared to other altcoins. In this article, we will take a closer look at Cowen’s views.
In a recent YouTube video, Cowen stated that altcoins tend to outperform Bitcoin in bear markets and during recovery periods. However, he added that some altcoins will outperform BTC, but it is difficult to determine which of them will be.
The analyst also noted the recent increase in BTC dominance: in early March, BTC dominance was around 42% and now stands at 45.9%, an increase of more than 9%. Cowen predicts that Bitcoin dominance could move sideways for a few weeks before moving towards the 50% level.
BTC dominance refers to Bitcoin’s share of the total market cap. This term is often used to measure Bitcoin’s importance against other cryptocurrencies and its impact on the market. Increasing Bitcoin dominance is often a sign that investors are increasing demand for Bitcoin. This could mean that the demand for other cryptocurrencies is decreasing or that confidence in Bitcoin is increasing.
The analyst thinks it’s a good idea to remove stablecoins from the Bitcoin dominance graph to better understand how the real altcoin market compares to Bitcoin.
“[Ocak 2022]Since , the dominance that excludes stablecoins continues to form one higher low after another.”
Cowen also notes that some altcoins appear to be in a sustained macro downtrend compared to Bitcoin.
BTC is trading at $29,306 at the time of writing. The top-ranked crypto asset by market cap has lost 3% in the last 24 hours.
You can follow the current price action here.