A popular crypto analyst believes that Bitcoin (BTC) is about to assert its dominance over the rest of the crypto markets.
In a new YouTube video, Benjamin Cowen tells his 768,000 subscribers that the Bitcoin (BTC.D) dominance chart could soon top 50% by the end of the year.
The BTC dominance chart shows how much of the total crypto market cap is owned by Bitcoin. Bullish BTC dominance suggests that Bitcoin is rising faster than other crypto assets, or that altcoins are falling in value while the leading cryptos are rising.
At the time of writing, BTC.D is hovering at 41.49%.
According to Cowen, BTC.D is currently in a long-term downtrend but highlights that it is currently sitting on its diagonal support, suggesting that a strong bounce could be on the horizon.
“If you look at the general direction, it seems like it’s going down… Maybe that’s developing into something that we’re seeing the beginnings of. Maybe it will come back [to 58%] and it comes down again [to 40%].”
Credit: Benjamin Cowen/YouTube
A rise in bitcoin dominance in the coming months could actually help set the stage for an alternative season in the future, according to Cowen. An altseason is a period when altcoins surge while bitcoin consolidates.
“Everybody talks about altseason and all that, but to get a real altseason like we’ve seen in past bull markets, you often need a lot of the juice that comes from already having it [Bitcoin] Dominance relatively high.”
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