Here’s How Ethereum (ETH) Can Help Bitcoin (BTC) Raise Its Dominance Level, According to Top Crypto Analyst
Popular crypto analyst Benjamin Cowen outlines how Ethereum (ETH) could help the top crypto asset increase its dominance by market cap Bitcoin (BTC).
in a new video renewtraders detail how BTC’s dominance level, or the total percentage of crypto’s market cap made up of bitcoin, ended up plunging At the time of writing, 2020 has increased from about 73% to 41.18%.
Ethereum’s imminent switch from a proof-of-work network to a proof-of-stake network could see investors reallocate their funds to the leading digital asset, Cowen said, suggesting that the ETH upgrade could be a news event.
“When will [BTC’s dominance level] turn around? When will it come back? If I’m just speculating, one of the things I have to think about is what big events are coming, when the narrative might change, maybe there might be various reweightings of the portfolio?
I think one of the most important things is obviously the merger of Ethereum. There’s definitely a lot of momentum going on right now…theoretically this will come in September, transitioning from proof-of-work to proof-of-stake…
I wouldn’t be so surprised to see [Bitcoin’s] If it hasn’t by then, the dominance could start to reverse in September, and the reason is that because you’re getting into this big event in Ethereum again, it seems like a reasonable place where people might reallocate some of their portfolios. “
However, Cowan noted that the merger could be delayed as it has been many times over the past few years.
At the time of writing, Bitcoin was changing hands at $22,947, up 1.8% on the day, while ETH was at $1,689, up 5% over the past 24 hours.
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