Crypto Analyst: Bitcoin Dominance Will Not Return to 70%
A prominent cryptocurrency analyst has expressed doubts about Bitcoin’s dominance returning to the levels it reached in December 2020, when the asset’s price skyrocketed by approximately 220% in just three months.
In an interview on The David Lin Report on Aug. 17, Benjamin Cowen, founder of Into The Cryptoverse, stated that he does not believe Bitcoin will regain its 70% dominance level, instead setting his target at 60%.
Cowen explained that during previous “major altcoin seasons,” like the one seen in 2021, Bitcoin dominance tends to decline but eventually returns to its previous level after “the breakdown.”
However, he is now more confident that this cycle will be different and even at peak dominance, Bitcoin will not attract the same level of dominance as it has in the past.
