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- Benjamin Cowen predicted in a YouTube video that BTC’s dominance may continue to rise in the coming month.
- The analyst also stated that investors may want to adjust the majority of their portfolios’ exposure to BTC.
- At press time, BTC was down 2.99% and traded at $36,325.11.
The popular cryptocurrency trader and analyst Benjamin Cowen predicted that Bitcoin’s (BTC) market dominance may continue to climb in the coming months. In his latest analysis, he also shared his belief that altcoins could bleed against the leading cryptocurrency.
Cowen also stated that investors may want to consider exposing the majority of their portfolio to BTC until its market dominance stops climbing. This is due to the fact that he anticipates that BTC will lead the next bull run, before alts begin to rise in the next cycle.
This is not to say that he does not think altcoins will rise against stablecoins such as Tether (USDT) and USD Coin (USDC). Nevertheless, he maintains his view that BTC should make up the majority of investors’ cryptocurrency portfolios.
Weekly chart for BTC/USDT (Source: TradingView)
To back his strategy, Cowen mentioned that the market leader continues to be the best performer in the market and protects investors from potential downside the best. Furthermore, the recent rallies seen across the altcoin sector have not led to the altcoin market cap breaking above a key bull market support, according to the analyst.
At press time, CoinMarketCap indicated that BTC’s dominance had dropped slightly. At press time, its dominance was down 0.03%. Despite this, BTC still accounted for the majority of the cryptocurrency market, with its dominance standing at just above 51%.
Meanwhile, BTC’s price was down 2.99%. This brought the cryptocurrency’s value down to $36,325.11. In addition to this, the negative daily performance was enough to drag BTC’s weekly performance back into the red. Consequently, CoinMarketCap data indicated that BTC was down 0.35% over the past 7 days as well.
The leading cryptocurrency was able to reach a high of $36,753.35 over the past 24 hours. Since then, however, it has retraced to trade at its current level. Nevertheless, BTC was still trading closer to its daily high than its 24-hour low, which stood at $34,948.50.
The post BTC Dominance Likely to Rise in the Next Month, Says Analyst appeared first on Coin Edition.