In the cryptocurrency market, Bitcoin (BTC) 
$98,342 is targeting the $70,000 mark, whereas altcoins are showing weaker performance. Leading altcoins like Ethereum (ETH) 
$3,372, BNB, and Solana 
$255 (SOL) are experiencing some recovery tendencies, yet experts do not expect this momentum to result in a significant short-term rise. Market specialists point out that altcoins may not capture strong upward movement in the fourth quarter of this year.
Altcoin Recovery May Be Delayed
Popular crypto analyst Benjamin Cowen emphasizes that altcoins are losing strength against Bitcoin. Cowen attributes the decline in ALT/BTC pairs to reduced net liquidity and the rise of the US Dollar Index (DXY). Furthermore, he indicates that a substantial recovery for altcoins in the near future is unlikely. Cowen predicts that this downward trend could persist until 2025, with Bitcoin’s market dominance expected to increase.
Cowen forecasts that Bitcoin’s dominance could reach 60% by the end of the year. As Bitcoin maintains its market leadership, altcoins are likely to remain weaker. It has been suggested that with interest rate cuts and potential quantitative easing (QE) measures, altcoins could gain stronger momentum by 2025. However, he stresses the need for patience during this process.
Bitcoin’s Dominance Strengthens, Altcoins Await
In the cryptocurrency market, Bitcoin’s market dominance is steadily increasing. On-chain data indicates that Bitcoin is also gaining traction in discussions on social media platforms. With BTC’s price surpassing $68,000 for the first time since July, investor attention has shifted away from altcoins. Additionally, demand for Bitcoin spot ETFs is rapidly growing, with U.S. spot ETFs reaching a record 950,000 BTC under management this week.
As the U.S. presidential elections approach, the rising likelihood of Donald Trump winning is seen as promising for crypto regulations. Analysts believe that the regulatory bottlenecks experienced during the Biden administration could end with a potential Trump victory. However, market conditions and global economic developments necessitate patience for altcoins until 2025.
In conclusion, while Bitcoin’s market leadership strengthens, hopes for a rise in altcoins seem postponed for now. Experts warn altcoin investors to practice patience.
