Analyst Michael van de Poppe rightly believes that slow as a snail Bitcoin will continue to lose dominance in the cryptocurrency market.
Since July 29, when BTC had the highest digital asset capitalization of the year, the coin has noticeably lost its advantage, and its share has fallen by 11,33%. Accordingly, the value of issued bitcoins now amounts to 58,54% of the sum of all created digital assets combined. However, Michael believes that the negative trend for BTC will continue, and the coin will update the bottom.
Bitcoin dominance will definitely decrease (it is already decreasing). But upward rebounds are not excluded. I would not be surprised if this figure increases to 60-61% in the next few weeks before the next downward trend wave, van de Poppe wrote.
Bitcoin Dominance Level Fluctuations
In September 2022, BTC’s market share dropped to a multi-year low of 38,9%. Therefore, the cryptocurrency’s current outperformance level is considered high, and there is plenty of room for a downward move.
The total hegemony of Bitcoin will come to an end if altcoins rise in price against the background of a stable or gradually decreasing BTC rate. Michael predicts a sixfold increase in the price of some digital assets, for example, Ethereum, in connection with which he recommends investing money not in BTC, which has fallen in price by 6% over the past month, but in other coins with high potential.