Crypto analyst Benjamin Cowen anticipates that Bitcoin BTC/USD will maintain its dominance over altcoins until there are alterations in the US monetary policy.
What Happened: In a video post on Wednesday, Cowen communicated his insights to his 892,000 YouTube subscribers. He anticipates that the total market cap of altcoins, excluding Bitcoin and Ethereum, will persist in its decline against Bitcoin.
Cowen’s prediction is that Bitcoin will continue to outperform altcoins until the US Federal Reserve relaxes its monetary policy. “My base case right now for Bitcoin dominance is that it will likely go higher until quantitative tightening is over,” Cowen expressed in the post.
The term Bitcoin dominance refers to the proportion of Bitcoin’s total market capitalization in comparison to all other crypto assets. A rise in Bitcoin dominance signifies that Bitcoin is either ascending faster than other crypto assets or its descent is less severe.
Also Read: Bitcoin, Solana and Pepe Show Bullish Reversal Signs Amid Market Recovery
Regarding the timeline for the Federal Reserve to relax its monetary policy, Cowen said, “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.”
At the time of the report, Bitcoin was trading at $84,270.
Why It Matters: The dominance of Bitcoin over altcoins has significant implications for investors and the broader cryptocurrency market. If Bitcoin continues to outperform altcoins, it could lead to a consolidation of investment in Bitcoin, potentially driving its price even higher.
Conversely, a shift in the US monetary policy that leads to an easing of the Federal Reserve’s current stance could disrupt this trend, leading to a more even distribution of investment across different cryptocurrencies.
This prediction by Cowen provides valuable insight for investors navigating the volatile cryptocurrency market.
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