As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself closely following the insights and predictions of analysts like Benjamin Cowen. His latest prediction of Bitcoin’s dominance peaking around 60% by the end of 2024 resonates with my understanding of the current market trends.
In recent times, Bitcoin‘s price has been hovering around a potential surge above $70,000. However, notable altcoins such as Ethereum, BNB, and Solana have shown remarkable speed during this market upswing. Market experts suggest that an altcoin boom might not occur in the last quarter of this year, indicating it may still be premature to predict such an event.
Don’t Expect An Altcoin Rally in Q4 2024, Here’s Why
According to well-known crypto analyst, Benjamin Cowen, the recent decline in altcoin-to-Bitcoin pairs is largely attributed to a decrease in net liquidity and a stronger U.S. Dollar Index (DXY). He anticipates this pattern to persist until 2025, potentially boosting Bitcoin’s market dominance further during this quarter.
According to Cowen’s prediction, Bitcoin’s dominance is likely to reach approximately 60% somewhere between September 2024 and December of the same year. There’s a possibility it may even surpass this mark. However, Cowen anticipates that this upward trend in Bitcoin’s dominance will come to an end by early January 2025.
The reason the trading between #ALT and #BTC is experiencing congestion, or finding it difficult to move forward, is due to a decrease in overall liquidity. This decrease in liquidity is occurring because the US dollar (#DXY) is currently strengthening.
It’s unlikely that this trend will shift before 2025, which suggests that Bitcoin’s dominance in the market could continue to grow, potentially reaching the 60% mark.
— Benjamin Cowen (@intocryptoverse) October 16, 2024
With the possibility of reduced interest rates and the resumption of quantitative easing (QE), as proposed by Cowen, it’s predicted that market conditions in 2025 could change significantly and favor altcoins. Here are some promising altcoins to consider investing in before the market surge occurs.
Bitcoin Eyes 60% Market Dominance
With an increasing likelihood of Donald Trump’s win in the approaching U.S. Presidential elections, analysts are optimistic that he may release the tight regulatory grip on cryptocurrencies, a situation more common during the Biden administration.
Conversely, there’s been a significant surge in interest for Bitcoin Spot Exchange-Traded Funds (ETFs) this week, with inflows totaling approximately $1.4 billion within the first three days. Notably, the BlackRock Bitcoin ETF, IBIT, has spearheaded this trend, amassing more than $22.5 billion in investments since its launch in January. As stated by Vetle Lunde, Head of Research at K33 Research:
Following an influx of significant investments into ETFs recently, new records have been set! Yesterday, the value of Bitcoin managed by U.S. spot ETFs exceeded 950,000 Bitcoins, reaching a fresh high. This persistent investment has propelled the total Bitcoin held by global Bitcoin ETPs over 1.2 million Bitcoins for the first time.
As a researcher, I find it noteworthy to highlight one factor that sets Bitcoin apart from other cryptocurrencies: the significant increase in large-scale transactions, or “whale” activities, within the Bitcoin network. This past Tuesday marked the highest number of such transactions – 11,697 – exceeding $100,000, over the last ten weeks. This surge underscores the continued strength and widespread adoption of Bitcoin in the digital currency market.
Additionally, data provider Santiment states that online chats about cryptocurrencies are predominantly focusing on Bitcoin rather than altcoins at present. In fact, Bitcoin dominates over a fourth of all crypto-related discussions currently. This observation follows the recent milestone where Bitcoin’s value exceeded $68,000 for the first time since July, sparking increased interest among traders.
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2024-10-17 14:48