Discussions about the need to delete projects that are considered speculative and “garbage” in the cryptocurrency market from the market have come to the fore again. Charles Hoskinson, the founder of Cardano, and Vitalik Buterin, one of the founders of Ethereum, predicted in the past that most coins in the ICO era would fail. Ripple CEO Brad Garlinghouse similarly argued that 99 percent of all cryptocurrencies will disappear from the market over time.
Cleaning Demand Is Getting Stronger in the Market
Market analysts such as Ben Cowen think that many weak projects have been wiped out since 2021, but a more comprehensive market cleanup is needed before Bitcoin can truly launch a permanent rise. According to Cowen, it does not seem easy for a sustainable bull market to begin without thousands of speculative tokens withdrawing. This view is consistent with the expectation that weak coins will be quickly eliminated from the market as liquidity shifts to stronger assets such as bitcoin.
GeckoTerminal data reveals that in total, more than 25 million tokens have been launched in the market, and more than 11.6 million tokens have failed in 2025 alone, especially as the over-inflated memecoin market collapsed. The proliferation of automated launchpads has increased the number of weak projects on the market; Matthew Pinnock, COO of Altura DeFi, stated that 86 percent of newly released coins in 2025 will fail in a short time.
Important Resistances in Bitcoin Price
Bitcoin caught the attention of investors on Thursday, rising above $81,000 for the first time since late January. Although this rise is considered by Michael Saylor, one of the important names of the industry, as the end of the crypto winter, many analysts point out that this movement is a relief rally. Liquidity in the market below $60,000 and technical resistances such as the 200-day moving average suggest that a sustained uptrend has not yet been confirmed.
It is suggested that downside risks may persist unless Bitcoin can make a permanent close above its 200-day moving average at approximately $82,300. Cowen stated that if the price cannot clearly exceed the $ 88,880 level and hold on, the possibility of retreating to the $ 58,000-62,000 band in the short term increases.
“For the bottom to be confirmed, the price must rise above 88,880 and stay there; short-term wick movements or unsuccessful retests will not be sufficient. In this case, the first layer of selling pressure will disappear,” technical analysts found.
Change in Bitcoin’s Market Dominance
Bitcoin’s dominance in the market continues to rise. This rate, which was 99 percent in 2013, dropped to 33 percent in 2018 with the growth of the altcoin market. It is stated that bitcoin dominance, which reached 60 percent again at the end of April, may increase to 70 percent in 2030, according to Ark Invest. Cowen, on the other hand, states that when stablecoins are excluded, bitcoin’s market dominance is over 67 percent, and capital is leaving high-risk tokens and turning to bitcoin.
Recently, the total market value of memecoins has decreased from approximately $150 billion in December 2024 to less than $50 billion today; Luke Nolan from CoinShares states that 95 percent of tokens in the market are worthless.
Cowen stated that headwinds continue and that he does not expect Bitcoin to reach a new historical peak in 2026 due to geopolitical tensions and the Fed’s cautious stance on interest rate cuts. Master investor Peter Brandt predicts that Bitcoin can climb to $ 250,000 in 2029 after a long bottom period. Michael Terpin stated that Bitcoin must first fall to $ 57,000, but under these conditions, a permanent rise can begin.
“In this cycle, there has been a continuous decrease in the number of participants and an upward trend in bitcoin dominance since 2021. This picture shows that there is a clear escape from high-risk coins in the current conditions,” Cowen evaluated.
Bitcoin has lost over 50 percent of its value in the current cycle, falling from $126,000 to $60,000. This move is consistent with late-stage pullbacks seen in past market cycles.
