According to widely recognized strategist Benjamin Cowen, Bitcoin (BTC) is serving as a leading indicator for the remainder of the cryptocurrency sector as its dominance level rises.
Cowen informs his 785,000 YouTube fans that the values of cryptocurrencies change based on Bitcoin’s volatility.
“We’ve seen it time and again where the Bitcoin/US dollar [pair] rallies for a while, and the rest of the market can rally a little bit beyond it.” But if Bitcoin begins to reverse its course, it will drag everything down with it.
Remember, Bitcoin is driving the bus, and everyone else is just riding along for the trip.”
According to the well-known expert, Bitcoin will drive the remainder of the crypto market’s ascent over the next several years, even if other altcoins stagnate during the next bull cycle.
“It’s critical that we recognize that Bitcoin is driving the bus, and the altcoin market is the bus riders.”
They will rise in a bull market… However, this does not necessarily imply that they are driving the bus. They’re just bus passengers, along for the journey, and there’s a strong possibility they’ll miss it the next time. There’s a strong probability that some of your favorite cryptocurrencies may miss the next bus in 2024 or 2025.
But guess who will be driving the bus? Guess who’s in charge of the bus now? Guess who will be driving the bus in 2024, 2025, and so on and so forth? It’s called Bitcoin. Bitcoin is the bus driver, and everyone else is a bus passenger.” Cowen goes on to argue that Bitcoin’s dominance will grow in the future.
“If you look at Bitcoin dominance, we are now at little under 49%… I know some folks are worried now that we’ve reached the top of the range. However, I believe that this [Bitcoin dominance level] will be broken soon long. “I don’t believe the narrative exists to restore dominance to lower levels.”
