Crypto analyst doubts Bitcoin dominance is ‘going back up’ to 70% again
Crypto analyst Benjamin Cowen expects Bitcoin dominance to make its “final move” to 60% either in September or, at the latest, by December 2024.
A popular cryptocurrency analyst doubts that Bitcoin dominance will return to the levels it reached in December 2020, before the asset’s price surged approximately 220% within three months.
“I don’t think it is going back up to 70%, my target for Bitcoin dominance has been 60%,” Into The Cryptoverse founder Benjamin Cowen explained in an interview with The David Lin Report on Aug. 17.
Cowen explained that during “major altcoin seasons,” such as the one in 2021, Bitcoin (BTC) dominance — the ratio of Bitcoin’s market capitalization to the entire crypto market — tends to decline but “slowly” returns to its previous level after “the breakdown.” However, this cycle, he is more confident that even when Bitcoin reaches its peak dominance, it won’t attract the same level seen in the past.
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Author: Ciaran Lyons
