The post Is Bitcoin dominance surge to 60% by year-end realistic? appeared on BitcoinEthereumNews.com.

Let’s get to the point: Bitcoin dominance hitting 60% by the end of this year—can it actually happen? We’re all watching Bitcoin claw back its market share after dipping to a low of around 39% in late 2022.  At press time, Bitcoin’s dominance sits at 57.1%. But the million-dollar question remains: is it realistic to expect that number to push to 60% by December? Bitcoin dominance, which is just the percentage of the total crypto market that Bitcoin controls, has seen its fair share of ups and downs. Right now, it’s up 4.25% since July 18.  But Benjamin Cowen, founder of Into The Cryptoverse, is throwing cold water on the idea that Bitcoin could surge to its previous dominance levels from December 2020, where it reached a jaw-dropping 70% before shooting up in price by 220% in just three months. Ben isn’t buying the idea that Bitcoin will return to its past glory days of market dominance. In his words: “I don’t think it is going back up to 70%, my target for Bitcoin dominance has been 60%.” He’s got a point. During major altcoin seasons, like the one we saw in 2021, Bitcoin’s dominance usually takes a hit. It’s happened before, and it could happen again. Bitcoin tends to recover some of its lost dominance after a breakdown, this time around, it’s not likely to reach those previous highs.  He’s not dismissing Bitcoin’s power, but he’s acknowledging the rise of other big players in the space. “I think there is room for Ethereum and many other cryptocurrencies,” he added. Current market dynamics Bitcoin’s dominance has been fluctuating between 49% and 57% this year. That’s a pretty solid climb from where it was in 2022. What’s driving this? A lot of it has to do with Bitcoin’s four-year cycle, which…

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Filed under: News - @ August 18, 2024 4:24 pm