Popular crypto analyst Benjamin Cowen forecasts that Bitcoin 
$89,583 may perform better than altcoins throughout the remainder of 2024. Addressing his 884,400 followers on social media platform X, Cowen highlighted that Bitcoin’s market dominance, which hovers around 60%, increases the risks of further value decline for altcoins.
Bitcoin’s Dominance Rate (BTC.D)
BTC.D signifies the ratio of Bitcoin’s market value to the total market value of all cryptocurrencies. Cowen noted that this ratio stands at approximately 61% at present, and he emphasizes that an upward trend may continue until the end of the year.
According to Cowen, he has observed a declining trend in the TOTAL3 chart, which tracks the market value of all cryptocurrencies excluding Bitcoin, Ethereum 
$3,141, and stablecoins. He stated, “There is a possibility that Alt/BTC pairs may continue to decline.”
Correlation Between Bitcoin and the Dollar Index
Cowen indicated that Bitcoin has started to show 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 negative correlation,” highlighting that similar situations have occurred in the past.
Currently trading at $90,385 with a 2.5% increase in the last 24 hours, Cowen believes Bitcoin maintains a strong market position compared to altcoins. While he anticipates a potential decline in this dominance by 2025, he thinks Bitcoin can remain robust for now.
He warned that investors should not always expect altcoins to hit rock bottom against Bitcoin, suggesting that diversification could be a reasonable strategy. Cowen noted that Bitcoin’s dominance has typically increased during the last quarter of halving years, indicating that this trend may persist.
The correlation between the U.S. dollar and Bitcoin has alarmed some investors, but Cowen is familiar with this scenario. He pointed out that a similar correlation occurred in the fourth quarter of 2016, stressing that Bitcoin does not need to always have a negative correlation with the DXY.
