August 12, 2022


Popular crypto analyst Benjamin Cowen explains how Ethereum (ETH) can help boost crypto assets with Bitcoin (BTC) market capitalization to raise its dominance.

In a new video ModernizationIn this article, the trader details how the level of BTC dominance, or the overall percentage of the cryptocurrency market made up of Bitcoin, has finally declined for 2020 from about 73% to 41.18% at the time of writing.

Cowen says that Ethereum’s upcoming shift from a Proof of Work network to a Proof of Stake could cause investors to reallocate their funds to the leading digital asset, suggesting that the ETH upgrade could be a selling event on the news.

“When will [BTC’s dominance level] turn around? When are you going back the other way? If I’m just going to guess, one of the things I have to think about is what are some of the major upcoming events at which point the narrative could change and there might be a different re-weighting of the portfolios?

I think one of the biggest things is the integration with Ethereum. There’s definitely a lot of momentum behind that now… and that’s theoretically going to come out in September, as it moves from Proof of Work to Proof of Stake…

I won’t be surprised to see you [Bitcoin’s] The dominance is starting to roll back probably in September if you haven’t already by then, the reason is that you will again be going to this big Ethereum event, and it seems like a reasonable place where people can reallocate some of their portfolios. “

However, Quinn notes that it is possible that the consolidation will be delayed as it was several times before over the years.

Bitcoin is trading at $22,947 at the time of writing, a 1.8% gain on the day while ETH is moving at $1,689, up 5% in the past 24 hours.

I

Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox

Check price action

Follow us TwitterAnd the Facebook And the cable

Surf The Daily Hodl Mix

Check out the latest news headlines

& nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens/monkographic/Sensvector





Source link

Leave a Reply

Your email address will not be published.