Why Bitcoin is Poised to Reign Supreme Over Ethereum Once Again – Top Analyst

2023-10-18 08:30

In a new video, popular crypto analyst Benjamin Cowen shared his insights on the current dynamics between Bitcoin and altcoins with his 787,000 subscribers. He believes several factors point to Bitcoin dominance increasing in the near future.

Cowen highlighted that both Bitcoin and Ethereum dominance charts are showing lower highs recently: “If you were to look at the Ethereum dominance, what do you see here? It’s the same thing with Bitcoin dominance.”

This suggests the tide may be shifting away from altcoins and back towards Bitcoin as the crypto market leader. As Cowen put it: “The Ethereum Bitcoin evaluation has been breaking down.”

One major factor is the Federal Reserve’s hawkish monetary policy. Cowen noted: “The FED has been clear that they have no interest in lowering rates and going back to QE until they’ve successfully squashed inflation.” This is sucking liquidity out of the crypto markets.

Cowen also pointed to how last summer, Ethereum’s dominance dropped to just 14% as an example of how altcoins can dramatically lose market share. He believes liquidity is flowing from higher risk assets like altcoins into lower risk ones like Bitcoin: “I think liquidity is what’s driving this market, and I think liquidity is leaving higher risk assets and going to lower risk assets.”

In summary, Cowen sees Bitcoin as a safer bet in the current environment: “Bitcoin gives you exposure to the upside while minimizing your downside risk.” With Bitcoin dominance rising, he seems cautious on altcoins until there are clearer signs of a trend reversal.

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The post Why Bitcoin is Poised to Reign Supreme Over Ethereum Once Again – Top Analyst appeared first on CaptainAltcoin.

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