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Prominent cryptocurrency trader and entrepreneur Willy Woo has taken to X to share his take on the future expansion of Bitcoin's dominance on the crypto market.
Willy Woo's BTC dominance rise prediction
Woo left a comment under an X post recently published by another renowned trader, Benjamin Cowen. This trader highlighted the Bitcoin dominance rising to 65.03%; this metric reflects the share of Bitcoin’s market capitalization in the overall cryptocurrency market.
This is a significant increase compared to 2022, when this important metric showed 45% domination. This rise indicates a substantial increase in Bitcoin’s control over the crypto market. This may potentially be interpreted as future capital exits from altcoins and more inflows into the global flagship crypto, BTC. Still, Cowen playfully wonders what a 66% Bitcoin market dominance will feel like.
Among crypto enthusiasts and investors who commented on Cowen’s tweet was Willy Woo. He expressed a view, according to which Bitcoin dominance is to skyrocket above the 90% mark over the next 15 years. He expects it to happen “as a general trend.”
5,195 Bitcoins shake up Coinbase
According to tweets published by the Whale Alert crypto tracker, earlier today, several large Bitcoin chunks were transferred to the largest cryptocurrency exchange based in the US – Coinbase.
Totaling 5,195 BTC, this amount was moved to Coinbase in three transactions: 1,294 BTC, 1,794 BTC and 2,107 BTC. All three Bitcoin transfers had Coinbase Institutional as the destination and were valued at $487.2 million cumulatively: $121,367,397, $168,231,221 and $197,736,862. One of these transactions was made from Cumberland.
This aligns with the data shared by on-chain data agency CryptoQuant, suggesting that there is likely a major sell-off taking place at Coinbase at the moment. Its BTC premium is much lower than on other crypto trading platforms, the tweet said, which indicates possible high selling pressure on that exchange.
Vladislav Sopov