Investors are looking forward to the rise as Bitcoin and altcoins continue to move sideways in general.
In this context, cryptocurrency analyst Benjamin Cowen, who evaluated the performance of BTC and altcoins, said in his new YouTube video that investors are more interested in BTC.
Stating that investors are abandoning altcoins for BTC, the analyst said that this move increased Bitcoin dominance.
According to the analyst, altcoins including Ethereum (ETH) are losing value as investors abandon altcoins for BTC.
“Liquidity in the altcoin market is shifting to Bitcoin and Bitcoin dominance is increasing.
The altcoin market is bleeding into ETH and Bitcoin. But even ETH is losing value as people switch to BTC and BTC dominance increases.
Theoretically, Bitcoin dominance rises and altcoin market liquidity flows into Bitcoin, sending the Bitcoin/USD value higher.
But at some point, altcoin market liquidity is no longer able to push the price of Bitcoin up. In this case, the altcoin market will be even more devastated and fall."
Finally, the analyst said that Bitcoin is currently more attractive than altcoins due to the negative macroeconomic environment prevailing in the markets.
*Not investment advice.
