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Bitcoin (BTC) Is About To Crush Altcoins, According to Analyst Benjamin Cowen – Here’s Why

source-logo  dailyhodl.com 19 April 2023 17:15, UTC

Popular crypto analyst Benjamin Cowen thinks king crypto Bitcoin (BTC) is a much stronger asset than most altcoins.

In a new YouTube video, Cowen tells his 785,000 subscribers that altcoins tend to do worse than Bitcoin in the bear market and recovery years.

He notes that some altcoins will outperform BTC, but says it’s just difficult to identify which ones will.

The analyst also highlights the recent upswing in Bitcoin dominance: In early March, BTC dominance hovered around 42%, and now it currently stands at 45.9%, a more than 9% increase.

Cowen forecasts that Bitcoin dominance could move sideways for a few weeks to a month before continuing to move upwards past 50%.

The analyst says there is “some merit” to excluding stablecoins from Bitcoin dominance charts to better understand how the actual altcoin market is doing in comparison to Bitcoin.

“Ever since [January 2022], the dominance excluding stables just continues to put in one higher low after another.”

Source: Benjamin Cowen/YouTube

Cowen also notes that some altcoins seem to be in a perpetual macro downtrend when compared to Bitcoin.

BTC is trading at $30,341 at time of writing. The top-ranked crypto asset by market cap is up 3.1% in the past 24 hours.

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