Famous market experts Peter Brandt and Benjamin Cowen have caused a stir in the cryptocurrency world with their latest views on Bitcoin‘s position as the leading digital currency.
Brandt’s chart and the query, “Is there no altcoin revival in sight?”, reflect his viewpoint on the possible increase in Bitcoin‘s supremacy. Presently at 54.27%, Brandt hypothesizes that, based on technical analysis trends, Bitcoin’s dominance could peak at 66.32%.
In this situation, Bitcoin may become the preferred investment choice among liquids, while altcoins face difficulty in gaining popularity and investment.
What if there won’t be an altcoin season?
— Peter Brandt (@PeterLBrandt) April 8, 2024
2019 vs. 2024
In the ongoing conversation, Cowen contributed valuable insights by proposing that past patterns could suggest Bitcoin’s leadership may persist. By making comparisons to previous market phases, Cowen noted that Bitcoin’s influence tends to stay high during times of interest rate reductions and quantitative easing (QE).
The speaker contends that the hypothesis of increasing altcoin supremacy following Bitcoin’s price peak might not be accurate, pointing to historical evidence in which Bitcoin’s dominance increased despite its price reaching an all-time high.
In simple terms, the difference between the present market situation and that of 2019 is significant. While new records were not set in 2019 for Bitcoin, it has reached unprecedented heights in 2024. Cowen’s view goes against the common assumption that shifting investments from Bitcoin to other cryptocurrencies could bring profitable returns. Instead, they propose that altcoins might keep losing value compared to Bitcoin.
In summary, although some investors believe that altcoins may have the potential to surpass Bitcoin, the views expressed by Brandt and Cowen indicate that Bitcoin’s supremacy could continue for an extended time.
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2024-04-09 11:13