The current Bitcoin dominance chart resembles a “2018-2019 bear market,” crypto trader “Beanie” wrote on X .
Binance Exchange - the world's largest Bitcoin exchange, register to receive 20% commission on transaction fees.
Binance Registration:https://www.binance.com/zh-CN/join?ref=ECZFCWPV(20% commission rebate)
According to several cryptocurrency traders, a clear ascending triangle is forming on the Bitcoin dominance chart, indicating that Bitcoin’s market share may surge. However, some believe it will go the other way.
“The BTC dominance train is about to leave the station,” cryptocurrency trader and Into The Cryptoverse founder Benjamin Cowen announced to his 810,700 followers in a March 27 X post.
Since September, Cowen claimed that Bitcoin’s market capitalization dominance has been in an ascending triangle pattern. Source: Benjamin Cowan
When price consolidates between an ascending trendline support and a horizontal resistance trendline, an ascending triangle pattern forms on the chart.
On March 27, cryptocurrency trader “Beanie” on
Beanie said Bitcoin’s dominance typically grows during bear markets as crypto-native investors flock to it as a safe haven, preferring its stability to riskier and more speculative digital assets.
Although Bitcoin hit all-time highs this month, Beanie added that the current trend mirrors the 2018 bear market.
"This is very different from the bull market in 2021, which saw a sharp decline in bull market dominance from 70% to 40%. It is actually similar to the bear market in 2018-2019," they said.
Bitcoin dominated 85% of the market in March 2017, but by January 2018 it plummeted to an all-time low of 32.45%.
According to data from CoinStats, Bitcoin’s dominance currently stands at 50.1%.
Not every trader agrees with this view. Some believe that from a macro perspective, Bitcoin’s market share appears to be declining over the long term.
Cryptocurrency trader Zero Ika told his 43,500 X followers that Bitcoin’s dominance is actually in a “long-term downward trend.”
“If we look at the overall picture from a logarithmic chart, we can clearly see that BTC D. is in a long-term downtrend.
