Bitcoin’s Market Dominance Rises To 60%, Is BTC Poised For Even Greater Control?

As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The recent surge in Bitcoin’s market dominance to 60% is reminiscent of similar patterns we saw during the 2017 bull run. However, unlike the previous cycle, this time around, I am more cautious due to the lessons learned from the past.


The increasing acceptance and curiosity about Bitcoin, both among individual retailers and large institutions, is significant after Bitcoin’s price surge over the past week. This surge has caused Bitcoin to have a substantial influence over other digital currencies in the market.

Bitcoin’s Market Dominance Almost Over

As Bitcoin consistently experiences a substantial price increase, its influence over the broader cryptocurrency market has grown to nearly 60%, indicating a high level of investor trust. Benjamin Cowen, CEO and founder of Into The Cryptoverse, recently highlighted this surge in control and provided valuable insights on the current trends.

Increased control in the bitcoin market signals that traders prefer Bitcoin over other digital currencies, implying an expanding interest in BTC as a reliable asset amidst market volatility. Moreover, this trend could strengthen Bitcoin’s influence, underscoring its dominant role as the market leader during periods of optimism.

Given that Bitcoin’s influence peaked at 60%, Benjamin Cowen has emphasized his strong optimism regarding the relationship between Alternative Coins (ALT) and Bitcoin, suggesting that this level might represent the peak. He expressed, “I believe there’s a reasonable chance that 60% could be the top.

Based on an analysis of recent trends, the expert predicts that either the dramatic rise in control over the Bitcoin market has peaked or is about to end soon. However, it’s crucial to note that the bottoming out of ETH/BTC exchange rates will be decisive in determining whether Bitcoin’s market dominance will set a new record high or just a slightly lower high by December.

So far, the market expert has pointed out two significant aspects – one from a cyclical perspective and another from a monetary policy standpoint – which investors should keep an eye on. These factors could potentially lead to the ALT/BTC pairs reaching their lowest point by December, after which BTC’s dominance might regain its bullish momentum.

As reported by the founder, around four years back, in the middle of November, there was a two-week surge in the ALT/BTC trading pairs. However, these pairs experienced another decline in December. This detail is particularly important to bear in mind for individuals adopting a cyclical perspective.

In other words, for those more interested in monetary policy perspective, Cowen emphasized that the bottom for ALT/BTC pairs didn’t occur until Quantitative Tightening (QT) ended, and QT hasn’t happened yet.

BTC And Altcoin Dominance Correlation

Based on the ongoing bullish trend in the market, market analyst and investor, Ash Crypto, has pointed out a correlation between the dominance of Bitcoin and the Altcoin market, hinting at an impending “altcoin season” when the demand for alternative cryptocurrencies may surge.

Historically, it’s been observed that the dominance of Bitcoin (BTC) tends to decrease as the dominance of alternative cryptocurrencies (altcoins) increases. During the past two cycles, this relationship has been quite noticeable, with altcoins gaining more market influence when Bitcoin’s control over the market diminishes.

In simpler terms, after every Bitcoin Halving event, there’s been a pattern where something significant happens roughly every 8 months. We are now seven months since the latest Halving, so according to this pattern, an event might occur soon. Given that Bitcoin and many other cryptocurrencies are at critical points right now, Ash Crypto predicts a possible turnaround in the near future which could initiate another wave of altcoin season, version 2.0.

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2024-11-12 17:12