Bitcoin’s market dominance is unlikely to climb back to 70%, a prominent crypto analyst warns, signaling a dramatic shift in the market as altcoins gain ground and challenge Bitcoin’s supremacy.

Bitcoin’s Dominance Unlikely to Reach 70% Again

According to a well-known cryptocurrency expert, Bitcoin's domination will not be as strong as it was in December 2020, when the asset's price increased by almost 220% in just three months.

On August 17, Into The Cryptoverse's Benjamin Cowen said, "I don’t think it is going back up to 70%, my target for Bitcoin dominance has been 60%" during an interview with The David Lin Report.

Major Altcoin Seasons Impact Bitcoin’s Market Share

According to Cowen, in years like 2021, when there are a lot of "major altcoin seasons," Bitcoin's dominance (the proportion of the crypto market's value that is attributable to Bitcoin) falls. However, following "the breakdown," it "slowly" rises back up to its prior level.

But this time around, he's more convinced than before that Bitcoin won't draw the same level of attention even when it reaches its peak domination, Cointelegraph shares.

"I think there is room for Ethereum and many other cryptocurrencies," Cowen continued.

The "final move" toward 60% may happen as soon as September or as late as December, according to Cowen.

Bitcoin Market Share Rises 4.25% Since July

Data from TradingView shows that Bitcoin's market share is 57.36% as of this writing, up 4.25% from July 18.

The 643,700 X followers of the anonymous crypto trader Kaleo were recently informed, however, that Bitcoin's supremacy may have already reached its pinnacle.

Kaleo said in an August 9 X post when Bitcoin's dominance was around 57.50%:

Altseason Expected When Bitcoin Falls Below 50% Dominance

When Bitcoin's market share drops below 50%, "the real" altseason, according to Kaleo, will start.

As a signal to sell Bitcoin and move money into alternative assets like altcoins, traders frequently watch for indicators that Bitcoin dominance is peaking.

Bitcoin Price Surged Nearly 230% in 2021 as Market Dominance Hit 70%

Per CoinMarketCap data, Bitcoin's dominance reached 70.23 percent in December 2020, and its price soared nearly 230 percent to $61,283 in March 2021, a mere four months later.

According to Cowen, the stablecoin market value was much lower in 2019, making Bitcoin's dominance "trickier" in 2024 compared to its peak of slightly over 71% in 2019.

To determine your "flight to safety dominance," Cowen suggests combining the dominance of Bitcoin and crypto stablecoin Tether.

Bitcoin and Tether Combined Dominate 63% of Crypto Market, Analyst Reveals

He mentioned that the total is around 63% in the interview that took place on August 17th. This is comparable to the level in June of 2019 before the US Federal Reserve slashed interest rates.

The combined dominance of USDT and Bitcoin stands at 63.07% as of publication.