After a mini price drop in the last week of October, the Bitcoin price corrected below 68,000. dollars, starting from the first week of November. While this is normal price action for Bitcoin, this trend is also affecting the cryptocurrency industry, especially altcoins. Historical patterns suggest that altcoin performance is highly dependent on Bitcoin’s price action. BTC’s market dominance has reached 60%, impacting altcoin market performance and limiting price increases.

Crypto analyst Benjamin Cowen expects altcoins to experience a pointed decline, likely in early 2025, before rebounding. In the post, Cowen argues that the market will first experience a significant loss of altcoin value before showing signs of recovery.

According to Cowen, the altcoin market will face a “reckoning,” and holders and traders can expect the actual process to occur by December 2024 or early January 2025.

It looks like the grand finale of altcoin counting has finally arrived.

Altcoin settlement should be completed by December 2024 (no later than the second week of January 2025).

It has been a long journey and many have given up along the way, but the process always had to come to an end pic.twitter.com/WRVUvIHDTt

— Benjamin Cowen (@intocryptoverse) November 3, 2024

Altcoin Market Returns to Price Action in 2019

In a YouTube video, Cowen predicted altcoin price action after looking at Bitcoin’s price and historical trends. The ITC Crypto founder explained that an altcoin market rally will not happen soon due to Bitcoin’s current performance and market conditions.

The data suggests that altcoins are losing ground to the world’s largest asset, and altcoins can only appreciate if Bitcoin enjoys a parabolic run.

According to Cowen, the current situation on the altcoin market is similar to the one that occurred during the bear market in 2019. During this period, altcoins experienced a bear market, then gradually recovered in 2020 and reached fresh highs a year later.

Cowen expects the same story for altcoins in 2025 – altcoin prices will first fall before they can begin to rise in price.

Analysts currently have mixed views on the market performance of Altcoins

In another post, Cowen returned to the Bitcoin/altcoin pairing, saying that the pair has been losing for three years. He said the pair’s performance was in line with historical trends, with the last two “alternative seasons” occurring after the halving in 2017 and 2021.

BTC continues to dominate the cryptocurrency market

Bitcoin continues to lead the cryptocurrency industry with a market share of 60.5%. According to Cryptographic, Bitcoin is at its highest level in two years, stabilizing market prices in the range of 68,000. dollars and 70 thousand dollars. While Bitcoin continues to show strength, other alternative cryptocurrencies have seen a decline in value, with some falling by 20 to 40%.

Traditionally, Bitcoin’s dominance often coincides with declines in altcoin prices. However, many experts say that a possible turning point could occur if BTC reaches resistance between 64 and 65.81%. If this happens, BTC could hit another all-time high or could move sideways. However, if BTC’s market share drops below 50%, we can expect altcoin prices to boost.

Featured image from Pexels, chart from TradingView