Bitcoin Dominance Rises: Is A Break To $93,000 Coming?
Bitcoin’s (CRYPTO: BTC) continued dominance over the crypto market is setting the stage for a potential rally to new highs, with traders eyeing $93,000 in the near term.
What Happened: In a podcast published on Tuesday, crypto analyst Benjamin Cowen emphasized that Bitcoin dominance is surging, breaking out of a multi-year wedge and currently sitting at 63.08%, or nearly 69% excluding stablecoins.
He argues that in an environment of quantitative tightening by the Federal Reserve, Bitcoin offers better risk-adjusted returns compared to altcoins.
“Every dollar in an altcoin is a dollar not in Bitcoin,” Cowen warned, adding that altcoin valuations remain too high relative to BTC and may have further downside before any true alt season can begin.
Historically, altcoin …
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