Can Bitcoin Dominance Surpass 60%? Critical Predictions by Analyst Cowen
The Bitcoin dominance, as it was before its price spike of around 220% in just three months in December 2020, is unlikely to resurface, according to a well-known cryptocurrency analyst.
I don’t think it is going back up to 70%, my target for BTC dominance has been 60%,
Into The Cryptoverse founder Benjamin Cowen
According to Cowen, BTC dominance tends to fall during major altcoin seasons, like the one in 2021, but it slowly recovers after the breakdown. This time, he is more certain that Bitcoin won’t draw the same amount of interest as in previous cycles, even if it does reach its pinnacle of dominance. According to TradingView data, as of the time of publication, the dominance of Bitcoin is 57.36%, up 4.25% from July 18.
BTC Dominance Fails to Meet 60% Expectation: Is Altcoin Season Approaching?
However, anonymous cryptocurrency trader Kaleo recently stated that the dominance of Bitcoin might have already peaked. When the dominance of BTC hit approximately 57.50% on August 9, Kaleo said in a post on X, “I feel fairly confident this is the cycle top for Bitcoin Dominance.”
Didn’t quite hit the 60% I was expecting – which is a good thing because that would have been painful,
Kaleo
Kaleo thinks that when Bitcoin dominance drops below 50%, “the real” alt season will start.
- According to CoinMarketCap data, the dominance of BTC reached 70.23% in December 2020.
- Four months later, in March 2021, the cryptocurrency price soared by approximately 220% to $61,283.
- As a result of the stablecoin market capitalization being substantially lower in 2019 than it was in 2024, according to Cowen, BTC dominance will be “trickier” in 2024 than it was at its peak of just over 71%.
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