It’s been just revealed that the popular crypto analyst Benjamin Cowen addressed how Ethereum (ETH) could help Bitcoin (BTC) raise its dominance level.
BTC’s dominance level
In a new video update, he explained how BTC’s dominance level, or the total percentage of the crypto market cap that is made up of Bitcoin, nosedived at the end of 2020 from about 73% to 41.18% at time of writing.
Cowen said that Ethereum’s upcoming switch from a proof-of-work network to a proof-of-stake one could have investors reallocating their funds to the leading digital asset. This is suggesting that ETH’s upgrade could be a sell-on-news event.
“When will [BTC’s dominance level] turn around? When will it go back the other way? If I were to just speculate, one of the things I’d have to think about is what are some major events coming up that at which point the narrative could shift and maybe there could be various re-weightings of portfolios?”
He continued and said this:
“I think one of the biggest things is obviously the Merge for Ethereum. There’s certainly a lot of momentum behind that right now… and that theoretically is coming up in September, where it transitions from proof-of-work to proof-of-stake…”
He also said this:
“I wouldn’t be that surprised to see [Bitcoin’s] dominance start to turn back around maybe in September if it hasn’t already by then.”
Bitcoin flaunts bullish signal
It seems that Bitcoin is flashing a bullish signal these days. Check out the latest reports about all this here.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,196.
It’s been revealed that a popular analyst is providing price target updates for four crypto assets as the markets try to end the week in positive territory.
Stay tuned for more news and check out the crypto market.