Originally published on: August 18, 2024
Is a return to Bitcoin dominance levels of 70% possible? According to a top cryptocurrency analyst, it might not be in the cards. Benjamin Cowen, founder of Into The Cryptoverse, recently shared his doubts about the likelihood of Bitcoin dominance reaching those heights again.
In a recent interview on The David Lin Report, Cowen explained that while he doesn’t see Bitcoin dominance hitting 70%, he does have a target of 60% in mind. He noted that during major altcoin seasons, Bitcoin dominance tends to decline but eventually makes its way back up. However, Cowen believes that this time around, even when Bitcoin reaches its peak dominance, it won’t reach previous levels seen in the past.
With Ethereum and other cryptocurrencies gaining traction, Cowen sees a diverse market ahead. He predicts that Bitcoin could hit the 60% mark as early as September or as late as December.
Currently, Bitcoin dominance sits at 57.36%, up from 53.11% in mid-July. While some traders believe Bitcoin dominance has already peaked, others are keeping a close eye on the market for signs of a shift.
As Bitcoin dominance fluctuates, many traders use the metric as a signal to adjust their portfolios. For those looking to diversify into altcoins, a decrease in Bitcoin dominance could be a key indicator.
In the past, Bitcoin dominance reached over 70% before experiencing a surge. Now, with the market landscape evolving, analysts like Cowen are reevaluating their expectations.
To get a comprehensive view of the market, Cowen suggests combining Bitcoin dominance with the dominance of stablecoin Tether (USDT). By looking at the combined figures, traders can better understand the broader market trends.
As the crypto market continues to evolve, experts like Cowen are analyzing the data to predict future trends and opportunities. Stay informed with the latest insights and analysis on blockchain and crypto by subscribing to our Crypto Biz newsletter today.