#AppleCryptoUpdate
Bitcoin price about to ‘blast’ higher as Fed rate cut odds jump to 60%
Bitcoin dominance — the ratio of Bitcoin’s market capitalization to the entire crypto market — is 64.78% at the time of publication, according to TradingView data.
Bitcoin dominance was 57.59% on Jan. 1. Source: TradingView
This represents an 11.68% increase since Jan. 1, when Bitcoin dominance was hovering just below 60%, a level where some analysts said would be its peak before altcoin season began.
Several analysts doubted that Bitcoin dominance would ever return to 70%.
One of those skeptics was Into The Cryptoverse founder Benjamin Cowen, who explained in August that he doesn’t “think it is going back up to 70%,” and his target for Bitcoin dominance is 60%.
Meanwhile, in December CryptoQuant CEO Ki Young Ju said “altseason is no longer defined by asset rotation from Bitcoin.”
He said the traditional signal marking the beginning of an altcoin season when capital rotates from Bitcoin to altcoins is outdated. Instead, altcoin trading volume has become more prevalent against stablecoin and fiat currency pairs.
