Popular crypto analyst Benjamin Cowen forecasts that Bitcoin 
$89,460 may perform better than altcoins for the remainder of 2024. Speaking to his 884,400 followers on social media platform X, Cowen emphasized that Bitcoin’s market dominance, hovering around 60%, poses a higher risk of value loss for altcoins.
Understanding Bitcoin’s Dominance Rate (BTC.D)
BTC.D represents the ratio of Bitcoin’s market value to the total market value of all cryptocurrencies. Observing this ratio at 61% at the time of writing, Cowen points out that an upward trend may continue through the end of the year.
Cowen noted a downtrend in the TOTAL3 chart, which tracks the market value of all cryptocurrencies excluding Bitcoin, Ethereum 
$3,143, and stablecoins. He stated, “There is a possibility that Alt/BTC pairs may decline further.”
Correlation Between Bitcoin and the Dollar Index
Cowen indicated that Bitcoin has begun to show a correlation with the U.S. Dollar Index (DXY), which measures the value of the U.S. dollar against other major currencies. He reminded that “Bitcoin and DXY do not always show a negative correlation,” referencing similar past situations.
Bitcoin’s Dominance May Remain Strong Until Year-End
Currently trading at $90,385, Bitcoin has seen a 2.5% increase in the last 24 hours. Cowen stresses that BTC holds a strong position in market value compared to altcoins. While he predicts this dominance may decline by 2025, he believes BTC can maintain its strength for now.
Cowen cautions that investors should not expect altcoins to always hit bottom against Bitcoin, suggesting diversification might be prudent. Additionally, he noted that Bitcoin’s dominance has increased in the last quarter of halving years, and this trend may continue.
He also added that many aspects of the crypto market could change by 2025 and should be monitored closely.
While the correlation between the U.S. dollar and Bitcoin may unsettle some investors, Cowen remains accustomed to the dynamics. He pointed out a similar correlation in Q4 2016, asserting that Bitcoin does not always need to maintain a negative correlation with DXY.
