The bitcoin dominance index has pretty much hung around 70-90% for the majority of its life, before the bull market of 2016-2017 that saw a lot of smaller projects, ICOs, and altcoins enter into the space of cryptocurrency.

I think that as long as these crypto projects attracts investors, bitcoin dominance will remain low. However, within the bear market where interest in the market is quite low, it wouldn't be surprising if it went as high as 60-70%, without a bull market.

I don't think that bitcoin dominance really has anything to do with how bitcoin is performing, though. It's about how much hype is around new projects. I do think that in the long run, we'll see a gradual return of bitcoin dominance to its previous highs, as people start to realize how pointless most of these new projects entering are.