Bitcoin’s dominance over the entire market has continued to increase steadily over the past few weeks, even as many Bitcoin and many other cryptocurrencies started the week on a negative note. According to data from CoinMarketCap, Bitcoin’s dominance is now at 60.4%, its highest level since the 2021 bull market. 

This increasing Bitcoin dominance has intensified talks as to whether an altcoin season is imminent or indefinitely paused. According to popular crypto analyst Benjamin Cowen, Bitcoin’s dominance might continue for now until the current trend of new meme coin launches comes to an end. 

Bitcoin Dominance Signals A Long-Term Shift

According to crypto analyst Benjamin Cowen, the reality is that altcoins have been steadily losing value against Bitcoin since 2021, despite occasional short-lived rallies. His perspective, based on the OTHERS/BTC chart, suggests that investors anticipating an explosive altcoin resurgence may need to wait longer.

Bitcoin’s increasing dominance over the broader cryptocurrency market has raised questions about when the Bitcoin gains will eventually roll over into the alt market like in the previous bull cycles. Cowen highlights that the OTHERS/BTC ratio, which measures the market capitalization of all cryptocurrencies outside the top ten against Bitcoin, has been in a continuous downtrend for nearly three years. 

As of now, the OTHERS/BTC ratio is at a new low this week since the 2021 bull market. This downfall reinforces the idea that alts have consistently lost ground relative to Bitcoin despite temporary spikes from time to time among a few altcoins.

Interestingly, Cowen noted this trend of temporary spikes among a few altcoins as one of the reasons why Bitcoin’s dominance is on the rise. A significant portion of the altcoin market is constantly pushed by hype cycles, with new meme coins showing up to briefly outperform Bitcoin before eventually collapsing. Cowen believes that many investors misinterpret these short-lived pumps as signs of an altcoin resurgence but ignore the broader trend of capital flowing back into Bitcoin.

Will Altcoins Recover? The Key Market Indicators To Watch

The steady decline of OTHERS/BTC shows how capital is consistently flowing away from altcoins, reinforcing Bitcoin’s strength as the dominant crypto, especially among institutional investors. However, many alt advocates continue to anticipate a resurgence.

On the other hand, Cowen noted quantitative tightening (QT) as the key historical factor that determines when the altcoin season will eventually roll into action. During the previous bull market, the end of quantitative tightening marked a turning point for alts, allowing them to regain momentum against Bitcoin. However, since QT remains in effect, he argues that the conditions necessary for an altcoin comeback have not yet materialized. As such, the alt season may be paused indefinitely.

At the time of writing, Bitcoin is trading at $97,900.

Featured image from iStock, chart from Tradingview.com

Hedera Hashgraph’s Hedera (HBAR) token is currently facing downward pressure as the global crypto market is in turmoil. However, the HBAR price is poised for a notable upsurge, primarily driven by the platform’s major developments.

HBAR Price To Reach $1.9: Analyst Insights

Crypto enthusiast Merlijn The Trader shared an X post, predicting the HBAR price’s potential upswing. Positing that a higher move is imminent, the trader wrote, “HBAR is ready for liftoff.” According to his analysis, the HBAR price will reach a high of $0.3 in the near future.

Notably, Merlijn The Trader’s analysis highlighted HBAR’s robust retest of a crucial resistance level, maintaining its parabolic structure and gaining momentum for a potential upward move.

Meanwhile, another prominent figure, Solberg Invest, provided a more ambitious forecast. According to the crypto aspirant, the HBAR price could reach even the $0.9 mark.

Is History Being Repeated?

In his X post, analyst Rekt Capital, HBAR’s Relative Strength Index (RSI) showed overbought signs, similar to those seen in 2021. Thus, HBAR’s price has pulled back to a specific area, marked as an orange circle within the graph.

In 2021, when HBAR’s price stabilized around $1.5, it sparked a significant bullish rally. The rally pushed the token to a high of around $5. With HBAR currently hovering around the same level as in 2021, the analyst predicts a potential repeat of the previous rally, driving the token’s price even higher.

Meanwhile, CryptoELITES, a well-known analyst, has set an even more bold target of $75 for HBAR. As of press time, the HBAR is trading at $0.2442, marking a dip of 3.8% in a day. Over the last week and month, the token has seen massive declines of 21.4% and 22.6%, respectively. Only time will tell if the token can reach this lofty goal.

What Drives HBAR Price Surge?

“I think for this cycle, for example, a lot of people have been talking about the dinosaur altcoins, for example, that have caught a bid,” stated David Duong, head of research at Coinbase. Duong highlighted the surprising return of “dinosaur” altcoins, including HBAR, XRP, and Solana. According to him, the recent crypto crash has resulted in the rally of these tokens. Duong stated,

I think that money is going to finally go into an XRP, into a Cardano, into an HBAR. Hedera is great. It’s a great protocol, and I think anybody who goes in, especially right now, they’ll reap the benefits of it six to eight months down the line.

Similarly, Hedera has announced its first-ever HederaCon taking place on February 25, 2025, at The Arch in Denver, Colorado. These developments have significantly contributed to the HBAR price’s journey despite the current dip.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.