Analyst and trader Benjamin Cowen believes Bitcoin (BTC) is primed to continue outperforming altcoins.
In a new strategy session, Cowen tells his 892,000 YouTube subscribers that the total market cap of altcoins (Total3) when paired against Bitcoin is going to continue on a downtrend.
Total3 is the total market cap of all cryptocurrencies with the exception of Bitcoin and Ethereum (ETH).
“…now altcoin/Bitcoin pairs are somewhat flat. I think they’re probably going to spend the next few weeks dropping just like they did last year… “
Cowen further says that Bitcoin is likely to continue outperforming altcoins until the US monetary policy eases.
“My base case right now for Bitcoin dominance is that it will likely go higher until quantitative tightening is over…
… I’m bullish on Bitcoin dominance because quantitative tightening has not ended. If the Federal Reserve were to end quantitative tightening at the next Federal Open Market Committee (FOMC) meeting, then it’s possible that my opinion would change.”
Bitcoin dominance is the ratio of the total market capitalization of BTC relative to all other crypto assets. A rising Bitcoin dominance indicates that Bitcoin is either rising faster relative to other crypto assets or its decline is relatively muted compared to the rest of the digital asset market.
On when the Federal Reserve could ease the US monetary policy, Cowen says,
“Now, I don’t know how long it’s going to take them to end quantitative tightening, it’s possible they end it this summer.”
Bitcoin is trading at $84,270 at time of writing.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney
Read the full article here
Follow us on Google News to get the latest Updates
