According to widely acclaimed strategist Benjamin Cowen, Bitcoin (BTC) serves as a leading indicator for the rest of the cryptocurrency sector as its dominance level increases.
Cowen tells his 785,000 YouTube fans that the value of cryptocurrency changes based on the volatility of Bitcoin.
“We’ve seen many times where the Bitcoin/US dollar (pair) is up for a while, and the rest of the market can pick up a bit beyond that.” But if Bitcoin starts to reverse, it will drag things down.
Remember, Bitcoin is driving the bus, and everyone is just along for the ride.”
According to renowned experts, Bitcoin will drive the rest of the crypto market’s upside over the next few years, even if other altcoins stagnate during the next bullish cycle.
“It was very important for us to recognize that Bitcoin is driving the bus, and the altcoin market is driving the bus.”
They will ride in the bull market… However, this does not mean that they are driving the bus. They were just passengers on the bus, on their way, and there was a strong chance they would miss it another time. There is a strong possibility that some of your favorite cryptocurrencies will 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 beyond? These are called Bitcoins. Bitcoin is a bus driver, and everyone is a bus passenger.” Cowen further argues that Bitcoin’s dominance will grow in the future.
“If you look at Bitcoin dominance, we are now in the bottom 49%… I know some people are worried now that we have hit the top of the range. However, I believe that this (Bitcoin dominance level) will be broken soon. “I don’t believe there is a narrative to return dominance to a lower level.”