Bitcoin Hits $123,000 as Analysts Project Extended Dominance Into Late 2025

• Bitcoin climbs to $123K, confirming dominance cycle projections remain intact.
• Analysts expect Bitcoin to sustain strength through October 2025 cycle peak.
• Institutional and sovereign demand strengthens Bitcoin’s role in current market.

Bitcoin has reached a new milestone at $123,000, reinforcing its position as the leading asset in the cryptocurrency market. According to analyst Benjamin Cowen, this price move supports BTC-heavy portfolio strategies and reflects growing trust in Bitcoin as a unit of account over the US dollar.

Current market data shows Bitcoin holding a 63.9 percent market share, with a 0.13 percent daily increase. Ethereum shows 9.6 percent or 0.23 percent positive movement, and the rest of the crypto has 26.5 percent and a decreasing movement of 0.36 percent. These trends indicate that investors have once again shown interest in Bitcoin, even though there was much activity in altcoins.

The highest dominance of Bitcoin was recorded to be a whopping 65.1 percent on June 27, 2025, as investors shift their capital towards Bitcoin as the overall market develops. Ethereum was next with 8.9 percent, and the remaining 26.0 percent were the other digital assets. This trend is repeating itself as we have seen similar patterns of Bitcoin gathering dominance after the altcoins-led periods.

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In December 2013, when largely unchallenged, Bitcoin enjoyed an 87.4 percent market share. As of 2018, amid the ICO boom, dominance had declined to 33.4 percent, with funds moving to Ethereum and many varieties of altcoins. The history of these cycles demonstrates that Bitcoin tends to recover when the air goes out of the overall market.

Dominance Cycles Suggest Renewed Bitcoin Strength by October 2025

Historical data reveals that Bitcoin dominance follows a predictable multi-year cycle. Cowen suggests that current patterns resemble those seen in 2017, 2019, and 2023. According to this model, dominance will increase once again at the end of October 2025.

It usually starts with speculative interest in the altcoins, and then capital flows back to Bitcoin. This kind of rotation is frequently indicative of the beginning of various stages of maturity in the market, in addition to investors’ risk tolerance.

Capital is flowing back to Bitcoin, and institutional and sovereign demand is increasing. This brings a special dimension to the ongoing circle, rendering BTC’s demand steadier and longer-term.

Bitcoin’s move to $123,000 reflects its central role in the ongoing dominance cycle. With both historical trends and institutional support aligning, analysts expect Bitcoin’s dominance to extend through late 2025.

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