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As Bitcoin 
$111,044 continues to increase its market dominance, analyst Benjamin Cowen suggests that investors may turn to altcoins. Cowen noted that surpassing the $100,000 level could lead to new dynamics in the market. He pointed out that breaking this critical level might result in a decline in Bitcoin’s market dominance.
Bitcoin Shows Signs of “Extreme Greed”
Cowen highlighted that the Fear and Greed Index has surpassed the 90 level, indicating “extreme greed” in the market. He warned that this level suggests the market may be overheating and could signal a potential price correction. Cowen emphasized that the recent rise in Bitcoin’s price should prompt investors to be cautious.
The analyst urged that investors who do not take profits at high price levels may suffer losses due to unexpected corrections. He stressed that periods of rising prices require careful strategies.
Could Interest in Altcoins Rise?
Following Bitcoin’s rise above the $100,000 mark, diversification of portfolios among investors is expected. Cowen mentioned that this transition tends to accelerate during shifts from quantitative tightening to quantitative easing. He believes that surpassing this threshold could draw attention to other cryptocurrencies.
Cowen emphasized the importance of closely monitoring market dynamics during this period. He mentioned that altcoins could benefit from the growing interest, creating new opportunities in the market.
Currently, Bitcoin is trading at $92,137, having shown a 2% increase in the last 24 hours. This market volatility may signal investors to reassess their strategies. Cowen concluded by stating that success in the market requires taking the right steps at the right time and urged investors to prioritize risk management.
The cryptocurrency market’s high volatility continues to present both opportunities and risks. Experts suggest that investors need to act carefully and strategically during these fluctuations.
