Bitcoin drops below $100K for seconds amid surge in dominance
Benjamin Cowen predicts Bitcoin will rally during the fourth quarter.
Popular crypto analyst Benjamin Cowen has reiterated his previous stand that Bitcoin (BTC) dominance is going to rise regardless of its price action.
Cowen wrote on Oct. 3 that altcoins will likely drop another 30% against Bitcoin over the coming weeks. Then, he reshared his previous post that Bitcoin dominance should go up.
Bitcoin dominance is a metric used to measure the relative market share or dominance of Bitcoin in the overall cryptocurrency sector. It represents the percentage of Bitcoin's total market capitalization compared to the total market capitalization of all cryptocurrencies combined.
Bitcoin dominance hit 58.2% today amid October's 3.6% price drop - first red month since 2018. Now at $110K with $2.17T cap, analysts eye Q4 rally to $113K on ETF inflows. Altcoins facing 30% BTC ratio bleed as per Cowen