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.
[adinserter block="1"]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.”
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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