Since the beginning of 2023 Bitcoin (BTC) and altcoinThe rally that took place in the past few years has given some relief to the investors.
Popular as investors wonder if this rally will continue cryptocurrency analyst Benjamin Cowen in a recent YouTube session bitcoin and compared the upward momentum in altcoins.
Bitcoin Dominance index (BTC.DStating that he believes that BTC will rise no matter which direction it goes, the analyst said that altcoins are risky even if their prices rise.
Cowen is a rising BTC He said its dominance shows that Bitcoin is rising faster than other crypto assets, or altcoins are depreciating as BTC rises.
In a bearish scenario, a rising BTC Dominance indicates altcoins are falling faster than Bitcoin.
“Whether Bitcoin goes up or down, BTC dominance should increase in both cases. My thesis regarding Bitcoin price is: ‘Bitcoin dominance should increase regardless of whether Bitcoin breaks up or not’
Since we started 2022, I’ve said that altcoins aren’t worth the risk compared to Bitcoin.
I still don’t think altcoins are worth the risk, but that doesn’t mean some altcoins aren’t bottoming out.”
Stating that Bitcoin is a better option for investors this year, the analyst stated that altcoins may start to rise at the end of this year or at the beginning of 2024.
“Bitcoin remains the better option in terms of risk-adjusted returns.
Because Bitcoin will not have the kind of regulatory scrutiny that the altcoin market has.
Therefore, 2023 will likely be a difficult year for altcoins in the context of these regulations.
When we get to 2024, and maybe even late 2023, I’ll take off my maxi hat and probably go back to the altcoin market.”
*Not investment advice.
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