- Benjamin Cowen forecasts Bitcoin dominance to increase by late October 2025.
- Bitcoin’s yearly dominance peaked at 65.1% in June 2025, outpacing Ethereum and altcoins.
- Analyst identifies Livermore Accumulation Cylinder pattern entering stage 8.
Cryptocurrency analyst Benjamin Cowen has highlighted Bitcoin’s breakthrough above $121,000 as validation for maintaining BTC-heavy portfolio allocations and using Bitcoin as a unit of account rather than USD. His analysis suggests current dominance levels will recover by late October 2025, following historical patterns observed in 2017, 2019, 2023, and 2024.
Current market figures show Bitcoin maintaining 63.9% market share with 0.13% daily growth, Ethereum maintaining 9.6% with 0.23% growth, and other cryptos maintaining 26.5% despite a 0.36% drop. The figures indicate that Bitcoin continues to dominate the market, even amid a slight dip in its dominance.
Historical Bitcoin dominance charts reveal extreme concentration during early cryptocurrency markets. December 12, 2013, data shows Bitcoin controlled 87.4% of total market capitalization when the ecosystem contained fewer altcoins and limited institutional participation.
Dominance Cycles Follow Predictable Multi-Year Patterns
The 2018 period was when Bitcoin dominance fell to 33.4% and Ethereum and other cryptocurrencies had 13.5% and 53.1% market share. That was the time when the ICO bubble had reached its peak, and thousands of altcoins were coming out and siphoning speculative money away from Bitcoin.
Market forces are significantly different from those of 2013, when Bitcoin achieved record dominance, coming close to 100% market share. The emergence of Ethereum and other smart contract platforms brought genuine alternatives, eventually halving the potential peak dominance of Bitcoin.
Bitcoin dominance reached its yearly high on June 27, 2025, posting a 65.1% gain, outpacing Ethereum’s 8.9% and the 26.0% rise seen across other cryptocurrencies. The numbers indicate reallocation of capital towards Bitcoin against growth in the broader cryptocurrency market.
Bitcoin Is Entering The Supercycle
With BTC at a new high, Merlijn The Trader has identified what he refers to as the “Bitcoin Supercycle” according to the Livermore Accumulation Cylinder model. His prediction is that Bitcoin is entering stage 8, characterized by explosive growth, nations accumulating Bitcoin, and institutions afraid that they will be left behind.
The Livermore model predicts that Bitcoin has finished accumulation phases and started exponential price discovery fueled by sovereign wealth funds and corporate treasury adoption. Institutional demand creates continuous buying pressure that is unlike history’s retail-driven cycles.
The nation-state adoption by nations such as El Salvador, along with planned strategic Bitcoin reserves across various jurisdictions, establishes a bedrock demand independent of speculative trading. Such sovereign buying ensures long-term price support, irrespective of short-term market sentiment.
Building on this trend, corporations are also increasing their treasury exposure to Bitcoin as a hedge against inflation and currency risk. This movement has caused more firms to explore Bitcoin-backed treasury management strategies.
Related: Bitcoin Price Prediction: BTC Hits $122K as ETF Inflows and Geopolitical Risk Drive Breakout
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