Analyst: Bitcoin's dominant position will "finally reach" 60% in September or at the latest by December
According to Cointelegraph, Benjamin Cowen, founder of Into The Cryptoverse, expressed doubt in an interview about whether Bitcoin's dominance could return to its previous cycle highs. "I don't think it will go back to 70%, my target for Bitcoin's dominance is 60%," he said.
Cowen explained that during the "major altcoin season", such as in 2021, Bitcoin's dominance tends to decline but slowly returns after a "crash". However, in this cycle, he is more confident that even if Bitcoin reaches the peak of its dominance, it won't reach past levels.
"I believe Ethereum and many other cryptocurrencies have room for growth." Cowen believes that Bitcoin will take the final step towards reaching 60% either earliest by September or latest by December. According to data from TradingView at the time of publication, Bitcoin's market share was at 57.36%, up by 4.25% since July 18th.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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