Benjamin Cowen believes Bitcoin dominance is set to reach around 60% by the end of 2024, driven by underperforming altcoins and macroeconomic pressures. He highlights that Bitcoin dominance has been steadily rising, with altcoins, especially higher market-cap ones like Ethereum, struggling to keep pace.
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Cowen points out that, while some traders dismiss Bitcoin dominance as unimportant, it has consistently helped him protect his portfolio's value in satoshis, especially during bear markets. By staying primarily in Bitcoin during downturns, he argues, investors can avoid losses seen in altcoins.
He also sees Ethereum’s Bitcoin value hovering in a "bottoming" range between 0.03 and 0.04, noting that many previously doubted this would happen. As for altcoins in general, he expects that most will continue losing ground against Bitcoin until the Federal Reserve eases monetary policy, a shift that could inject more liquidity into riskier assets like altcoins.
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