- Crypto analysts predict an “altcoin reckoning” ending by early 2025, echoing 2019 patterns
- Bitcoin market dominance reaches 60.5%, limiting major altcoin movements until it drops below 50%
- Ethereum, Solana, and other major altcoins saw double-digit declines as Bitcoin maintained market strength
Altcoin markets face potential difficulties before any notable recovery, according to recent forecasts from crypto traders. ITC Crypto founder Benjamin Cowen highlighted this on November 4, stating that an anticipated “altcoin reckoning” seems to have arrived. He projected that this phase would likely conclude by December or the second week of January 2025, drawing comparisons to a similar shakeout in 2019.
Cowen noted that while the journey has been arduous, the market movement was expected. The altcoin market capitalization chart suggests that history could repeat, mirroring past cycles where altcoins rebounded in 2020 and climbed to record highs in 2021. He suggested that a similar trend could unfold in 2025.
Source: Benjamin Cowen on X
Three Years of Altcoin Struggles
In another post, Cowen pointed out that altcoin/Bitcoin trading pairs have weakened consistently for three years. He referred to past “altseasons” in 2017 and 2021, noting that similar post-halving patterns could soon emerge. Trader “ardizor” shared a comparable sentiment, stating that the same altseason cycle appears to be reoccurring.
Meanwhile, crypto investor “Sensei” predicted that a significant altcoin rally might begin soon, suggesting the start within the next 10 days.
Bitcoin’s Dominance and Market Impact
Bitcoin’s current market dominance, recorded at 60.5% according to TradingView, marks its highest level since March 2021. Analysts believe this strength limits altcoin momentum until Bitcoin’s share falls below the 50% mark. Over the past weekend, overall crypto market capitalization decreased to $2.4 trillion as of November 4.
Altcoins bore the majority of the market pullback, with Ether and Solana losing 11% since their late October highs. Binance’s BNB fell 8%, while Bitcoin’s decline was more moderate at 5.8%, underscoring its resilience compared to other digital assets.
