Bitcoin’s Dominance Expected to Outshine Altcoins Through 2024, Says Analyst

Crypto analyst Benjamin Cowen predicts that Bitcoin (BTC) is poised to outperform altcoins for the remainder of 2024.

With Bitcoin’s market dominance hovering around 60%, Cowen suggests that altcoins could continue to struggle against the leading cryptocurrency.

He pointed out that the TOTAL3 chart, which tracks the market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins, appears to be on the verge of declining, a pattern reminiscent of what occurred in 2020.

Cowen further explained that historically, Bitcoin’s dominance tends to increase in the final quarter of halving years, and with BTC’s current performance surpassing many top altcoins, this trend may persist into the new year.

He also mentioned that, although dominance may eventually decrease in 2025, it is reasonable to expect Bitcoin to maintain strong dominance through the end of 2024, possibly until January.

In addition, Cowen highlighted an emerging correlation between Bitcoin’s price movements and the US dollar index (DXY), something that contradicts the typical narrative of an inverse relationship.

He recalled a similar occurrence in Q4 2016, where both Bitcoin and the DXY rose in tandem, suggesting that such a correlation is not unusual, despite prevailing assumptions in the market.