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A widely-supported crypto analyst says Bitcoin (BTC) remains the best option for crypto market participants despite a week of altcoin prices skyrocketing.
In a new strategy session, Benjamin Cowen To tell His 781,000 YouTube subscribers believe that altcoin price surges are also a risk. Because he believes that the Bitcoin Dominance Index (BTC.D) will rise no matter which direction BTC goes.
The BTC.D chart tracks how much of the cryptocurrency market capitalization belongs to Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other crypto assets, or that altcoins are losing value while major cryptocurrencies are surging. In our scenario, the rise in BTC dominance indicates that altcoins are falling faster than Bitcoin.
Cohen says.
“Somehow [BTC] break out or break down, [BTC] Dominance should rise anyway. That’s the proposition: Bitcoin’s dominance should rise regardless of whether it collapses or collapses
Ever since I started in 2022, I’ve been saying altcoins aren’t worth the risk compared to Bitcoin…I still don’t think it’s worth the risk [but] It does not mean that some have not bottomed out in the USD pair. ”
Not only is BTC’s level of dominance likely to rise, Cowen says Bitcoin is a better play for investors as it receives less attention from regulators.
However, he points out that altcoins could start flourishing by early 2024 or by the end of this year.
Bitcoin continues to perform better in terms of risk-adjusted returns, so when you factor in risk, Bitcoin still plays better. For fundamental reasons why? Regulation. I think
Bitcoin will not undergo the same kind of regulatory scrutiny as the altcoin market and I think 2023 will probably be a tough year for altcoins in the context of these regulations. Maybe, but I’ll take off my maxi hat and maybe [get] We are back in the altcoin market. ”
Bitcoin is trading at $20,703 at the time of writing, a slight drop for the day.
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