This week, the sector is expected to record three big events among the highs and lows of the market. Given the recent events in the business, it’s possible that the market may be more volatile in the upcoming months.
Most of the major cryptocurrencies are trading in red as below the $22,000 mark, Bitcoin started a steep decline and to prevent further losses, BTC must maintain a price above the $20,000 support. After touching the $1,800 liquidity zone, the price of Ethereum has dropped to the $1,600 barrier.
The recent price behavior of ETH could cause it to decline once more to $1,300 and below. Amid the bearish price actions, is Bitcoin’s dominance on the altcoins increasing?
According to a well-known crypto analyst, Bitcoin (BTC) is about to establish its dominance over the other crypto markets. benjamin cowen
founder, ceo at Cryptoverse
Benjamin Cowen is a researcher, financial analyst, YouTuber, and the founder of the “Into The Cryptoverse” analytics website and community in the United States. “Into The Cryptoverse” includes, among other things, subscription-based crypto market reporting, price research, and risk analysis.
Benjamin Cowen earned a bachelor’s degree in science with a minor in mathematics and physics from North Carolina State University in 2012. Cowen went on to get a Master of Science in Nuclear Engineering (2015) and a Doctor of Philosophy in Nuclear Engineering (PhD.) from the University of New Mexico School of Engineering (2018).
He had 720,000 subscribers and over 71 million cumulative video views as of this writing. His YouTube videos include trend analysis and price predictions, but he also occasionally posts video introductions to several cryptocurrencies.
He delivers the paid “Into The Cryptoverse” reports in addition to freely available analysis videos on YouTube (the Premium List). Members receive weekly reports that include, among other things, video updates on the state of crypto, risk analysis data, logarithmic regression analysis, price analysis, and thorough weekly reports.
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warns in a new video that the Bitcoin Dominance chart (BTC.D) could soon soar to higher than 50% by year’s end.
Alt Season on The Cards?
The BTC Dominance graph shows how much of the market capitalization for all cryptocurrencies is made up of Bitcoin. A bullish BTC Dominance indicates that Bitcoin is increasing more quickly than other crypto assets, or that altcoins are depreciating as the top cryptocurrency increases.
“If you look at the general direction of this, it seems like it’s arguably down… Maybe that’s building towards something that we’re seeing the beginnings of. Maybe it comes back up [to 58%] and it comes back down [to 40%].”
According to Cowen, a rise in Bitcoin Dominance in the upcoming months may actually assist pave the way for an alt season later on. During an altseason, cryptocurrencies have a strong surge as Bitcoin consolidates.
“Everyone talks about altseason and whatnot, but in order to get a true altseason like we’ve seen in bull markets past, a lot of times you need a lot of the juice that comes from already having [Bitcoin] dominance relatively high.”