Benjamin Cowen, one of the popular analysts of the crypto money world, despite the rise in altcoin prices bitcoin quite optimistic about it. Despite everything, Cowen insists that BTC is the best choice.
Posting a new video on his YouTube channel Benjamin CowenNoting to his 780,000+ followers, the altcoin market is still risky. According to the analyst, he believes that even though altcoin prices are increasing, the Bitcoin Dominance index (BTC.D) will rise.
The BTC.D chart is an index that indicates what percentage of the total crypto market capitalization is owned by Bitcoin. Rising BTC dominance reveals that Bitcoin is rising faster than other cryptocurrencies. This means altcoins lose value as a result. In a bearish scenario, rising BTC Dominance indicates altcoins are falling faster than BTC.
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“Whether Bitcoin rises or not, its dominance will increase. My guess is that the ups or downs won’t affect this dominance. Since we started in 2022, I’ve said altcoins aren’t worth the risk compared to BTC… I don’t think they’re worth the risk yet, but that doesn’t mean some of them haven’t bottomed out in USD pairs.”
Bitcoin Is Not Getting The Attention Of Regulators
Cowen stated that in addition to the Bitcoin dominance chart, regulators will focus less on BTC. This will ultimately encourage more investors.
On the other hand, the analyst altcoinHe also underlined that ‘s could start to develop at the beginning of 2024 or at the end of this year.