JThis week, the sector should register three big events among the highs and lows of the market. Given recent events in the sector, it is possible that the market will be more volatile in the coming months.
Most major cryptocurrencies are trading in red because below the $22,000 mark, Bitcoin has started a steep decline and to avoid further losses, BTC must maintain a price above the $20,000 support. After touching the $1,800 liquidity zone, Ethereum price dropped to the $1,600 barrier.
The recent price behavior of ETH could cause it to decline once again at $1,300 and under. Amid Bearish Price Actions, Is Bitcoin’s Dominance Over Altcoins Growing?
According to a well-known crypto analyst, Bitcoin (BTC) is on the verge of establishing its dominance over other crypto markets. benjamin cowen benjamin cowen Founder, CEO at Cryptoverse
Benjamin Cowen is a researcher, financial analyst, YouTuber and founder of the “Into The Cryptoverse” website and analytics community in the United States. “Into The Cryptoverse” includes, among other things, subscription crypto market reports, price research, and risk analysis. Benjamin Cowen received a Bachelor of Science degree with a minor in Mathematics and Physics from North Carolina State University in 2012. Cowen went on to earn a Master of Science in Nuclear Engineering (2015) and a Doctor of Philosophy in Nuclear Engineering (PhD. ) from the University of New Mexico School of Engineering (2018). It had 720,000 subscribers and over 71 million cumulative video views to date. His YouTube videos include trend analysis and price predictions, but he also occasionally posts video introductions to several cryptocurrencies. It delivers the “Into The Cryptoverse” paid reports in addition to the analysis videos available for free on YouTube (the Premium list). Members receive weekly reports that include video updates on the state of crypto, risk analysis data, log regression analysis, price analysis, and in-depth weekly reports, among other things. EntrepreneurChief executive officerMarket analyst Followers: 0 See profile warns in a new video that the Bitcoin Dominance chart (BTC.D) could soon climb over 50% by the end of the year.
Alt Season on the cards?
The BTC dominance The chart shows how much of the market capitalization of all cryptocurrencies is Bitcoin. A bullish BTC dominance indicates that Bitcoin is rising faster than other crypto assets, or that altcoins are depreciating as the major cryptocurrency rises.
“If you look at the general direction of this, it looks like it’s probably down… Maybe it’s heading towards something that we’re seeing the beginnings of. Maybe it’s coming back [to 58%] and it goes down [to 40%].”
According to Cowen, an increase in Bitcoin Dominance in the coming months could actually help pave the way for an alternate season later. In an alt season, cryptocurrencies see a surge as Bitcoin consolidates.
“Everyone talks about altseason and so on, but to get a real altseason like we’ve seen in past bull markets, you often need a lot of juice that comes from having already [Bitcoin] relatively high dominance.