Bitcoin Dominance Pulls Altcoin Market to Bottom: Cowen Shared!
Popular cryptocurrency analyst Benjamin Cowen spoke about the current state of the cryptocurrency market.
In his latest YouTube broadcast, Benjamin Cowen examined Bitcoin and the altcoin market. Stating that Bitcoin's market dominance continues to climb every day, the experienced name said that when he looked at the altcoin market chart called TOTAL3, he saw a bottom collapse.
Stating that it is still more logical to buy Bitcoin in the current situation, he said that Bitcoin dominance will remain in control for a while because it is in an uptrend.
On the other hand, he predicted that an altcoin bull could occur if Bitcoin dominance climbs to 60% and then enters a downtrend.
The analyst still said that at the end of the day, everyone should focus on increasing the amount of Bitcoin they have. He said that he did a similar thing during the Ethereum Merge update, selling all his Bitcoins and buying Ethereum at that time.
He stated that at that time, 11 Ethereum was purchased with 1 Bitcoin, but this amount has increased to 1 BTC = 25 ETH today.
Stay tuned for new information.
