Bitcoin’s market dominance will jump this quarter and fuel a new all-time high price.
That’s according to a report by CEX.IO, a crypto exchange, that pointed at how Bitcoin’s market dominance tends to increase 2% on average between July and September.
That would “represent over $64 billion in value flowing from altcoins into Bitcoin,” Illia Otychenko, lead analyst at CEX.IO, wrote in the report.
To put that in perspective, a $64 billion reallocation is almost equivalent to the market value of Tron, Doge, and Staked Ether, the eighth, ninth, and tenth largest cryptocurrencies, combined.
Markus Thielen, CEO of 10x Research, offered a similar analysis in a Tuesday report, suggesting that Bitcoin’s price has jumped 10% on average in seven Julys in the last decade. That would put Bitcoin’s price at $116,000 in coming weeks.
To be sure, past performance does not guarantee future results, as investment platform disclaimers are prone to say. Other factors than cyclical patterns are likely to drive the price too.