A prominent cryptocurrency analyst suggests that altcoins might begin to surpass Bitcoin (BTC) if three specific developments unfold in the near future.
In a recent discussion with John Gillen, host of the Milk Road Macro podcast, crypto trader Benjamin Cowen indicates that Ethereum (ETH) reaching a new peak could mark the onset of an altcoin season.
“To achieve record highs for Ethereum, we need it to hit $5,000. Significant market movements and ‘altseasons’ generally occur after Ethereum reaches its all-time highs—not before. One might argue that one reason altcoins have lagged this cycle is because Ethereum only recently reached an all-time high last August. Typically, such peaks in August are followed by local lows in September or early October.”
Cowen also notes that for Ethereum to reach at least $5,000, Bitcoin must first achieve new record levels—a scenario that’s feasible if Bitcoin dominance (BTC.D) increases.
BTC.D measures how much of the total cryptocurrency market cap is represented by Bitcoin. A rising BTC.D chart signifies that Bitcoin’s value is increasing more rapidly than other cryptocurrencies.
“For us to see a surge towards $5,000 for ETH, it’s essential for Bitcoin’s value to rise first. For an altseason to happen thereafter, ETH needs to climb up to $5K as well. When you break down this entire sequence: initially, BTC dominance must increase since it implies BTC hitting new heights.”
“It doesn’t make sense for enthusiasts just waiting around hoping BTC dominance will decrease. If you genuinely want an altseason on your hands—then it’s contingent upon both BTC/USD achieving unprecedented levels soon and its dominance growing simultaneously.”
At present writing time: Bitcoin trades at approximately $108,091—showing a 2.7% decline today while ETH stands around $3,879 with similar daily depreciation rate observed too
The current figure recorded under btc.d hovers close-to-around fifty-nine percent now…
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