Benjamin Cowen, a prominent cryptocurrency strategist, believes Bitcoin’s dominance leads the market. Learn how Bitcoin drives the market and why it will lead the cryptocurrency sector boom in the coming years.
According to widely respected strategist Benjamin Cowen, as Bitcoin’s dominance level rises, it is serving as a leading indicator for the rest of the cryptocurrency market.
According to Cowen, who has 785,000 YouTube subscribers, the price of cryptocurrencies changes based on how Bitcoin is trading.
“We have repeatedly observed that when the Bitcoin/US dollar [pair] climbs for a while, the rest of the market may also rally briefly afterward. However, if Bitcoin begins to go in the opposite direction, it will drag everything back down with it. Keep in mind that Bitcoin is the driver and everyone else is merely a passenger.”
Despite certain cryptocurrencies stagnating over the upcoming bull cycle, the well-known analyst predicts that Bitcoin will lead the rally of the rest of the cryptocurrency industry over the next couple of years. We must understand that Bitcoin is the bus’s driver and that altcoin users are the bus’s passengers.
They will increase in a bull market. yet that doesn’t always imply that they’re in charge of the bus. They are merely passengers on the bus; they are just along for the ride, and there is a significant probability that they won’t make it on the next trip.
There’s a good probability that some of the cryptocurrencies you really like in 2024 or 2025 won’t make the next bus.
But who will be operating the bus, exactly? Guess who’s currently operating the bus? Guess who will be in charge of driving the bus in 2024, 2025, and so on? Using Bitcoin. Everything else is a bus passenger; Bitcoin is the bus driver.
According to Cowen, the level of Bitcoin’s dominance is expected to increase in the future.
If you look at Bitcoin’s market share, we are currently at little around 49%… I know some folks are getting anxious now that we are at the range high.
But I would still contend that this [level of Bitcoin domination] is probably going to collapse sooner rather than later. The narrative, in my opinion, is not intended to restore lesser levels of power.