- Renowned crypto trader and analyst Benjamin Cowen predicts that Bitcoin’s (BTC) market dominance may continue to increase in the coming months.
- Cowen also mentioned that investors might need to consider exposing the majority of their portfolios to BTC as long as Bitcoin’s market dominance continues to rise.
- Currently, according to the data, BTC’s dominance has experienced a slight decrease. At the time of the press, the dominance had decreased by 0.03 percent.
The increase in Bitcoin dominance has attracted attention recently; will Bitcoin dominance continue to rise? The analyst evaluates the current situation!
Will the Increase in Bitcoin Dominance Continue?
Renowned crypto trader and analyst Benjamin Cowen predicts that Bitcoin’s (BTC) market dominance may continue to increase in the coming months. In his recent analysis, he drew attention to the possibility of altcoins losing value against the leading cryptocurrency.
Cowen also mentioned that investors might need to consider exposing the majority of their portfolios to BTC as long as Bitcoin’s market dominance continues to rise. This is because he foresees that BTC will lead the next bull run and take the lead before altcoins start to rise in the next cycle.
This does not necessarily mean that altcoins will rise against stablecoins like Tether (USDT) and USD Coin (USDC). However, Cowen maintains the view that the majority of investor portfolios should still be composed of BTC.
To support his strategy, Cowen stated that the market leader still shows the best performance in the market and protects investors against potential downward risks in the best way. According to the analyst, the recent rallies in the altcoin sector did not push the overall market value of altcoins beyond the support of the fundamental bull market.
What is the current status of Bitcoin’s price?
Currently, according to the data, BTC’s dominance has experienced a slight decrease. At the time of the press, the dominance had decreased by 0.03 percent. However, BTC still constitutes a significant portion of the cryptocurrency market, with its dominance just above 51 percent.
Meanwhile, the price of BTC had decreased by 2.99 percent. This brought the value of the cryptocurrency down to $36,325. Additionally, the negative daily performance indicated that BTC had dropped by 0.35 percent in the last 7 days, according to the data. The leading cryptocurrency managed to rise to $36,753.35 in the last 24 hours. However, it has since pulled back and is currently trading at its current level. Nevertheless, BTC was still trading closer to the 24-hour low of $34,948.50.
