- Bitcoin dominance is expected to reach 60% by December 2024, according to analyst Benjamin Cowen.
- The dominance was last witnessed in December 2020, when Bitcoin’s price surged by around 220% over three months.
- Into The Cryptoverse founder Benjamin Cowen emphasized this forecast during his interview on The David Lin Report.
Bitcoin dominance on track to peak at 60% by late 2024, says prominent analyst Benjamin Cowen.
Insights on Bitcoin Dominance
In recent revelations, well-known crypto analyst Benjamin Cowen has projected that Bitcoin’s market dominance could reach 60% by December 2024. This projection comes following Bitcoin’s significant performance levels last seen in December 2020, when its price witnessed a remarkable 220% increase over a short span of three months. Cowen shared these insights during his appearance on The David Lin Report on August 17, providing a comprehensive outlook on Bitcoin’s future market position.
Bitcoin’s Journey through Market Fluctuations
Over the years, Bitcoin has shown considerable resilience and growth, often bouncing back stronger from market lows. Cowen highlighted that while Bitcoin could revisit its previous dominance levels, it might not entirely replicate the standards observed during the previous bull runs, particularly ones similar to the 2021 altcoin surge. Despite this, Bitcoin’s upward trajectory is expected to influence the overarching market dynamics positively, marking an impending peak in dominance, potentially as early as September or as late as December.
Comparative Market Analysis: Bitcoin Versus Altcoins
Cowen’s insights are pivotal as they underscore the influential role of Ethereum and other prominent altcoins in the market. According to Cowen, these digital assets could significantly impact Bitcoin’s market dominance, preventing it from reaching the 70% dominance experienced in the past. However, a 60% dominance mark remains a plausible target within the given timeframe.
Market Data and Projections
According to TradingView data, Bitcoin’s market dominance has seen a notable increase, rising by 4.25% since July 18 to reach 57.36%. The gradual rise indicates a steady shift in market preferences, reinforcing Cowen’s projections about Bitcoin navigating towards higher dominance levels. Further, analyst Kaleo echoed similar sentiments to his 643,700 followers, suggesting that while Bitcoin’s dominance might have approached a peak around 57.50%, the anticipated 60% level isn’t far-fetched and could be realized without causing significant market disruptions.
Conclusion
In summary, Bitcoin is on a path to assert greater market dominance, inching towards the 60% mark by December 2024, as projected by experts like Benjamin Cowen. This projected rise in dominance underscores Bitcoin’s enduring appeal and market strength against a backdrop of evolving cryptocurrency trends. Investors and market watchers should brace for these anticipated developments while continuing to conduct their independent research, given the inherent risks in the crypto market.
