Veteran trader Peter Brandt, who called the 2017 Bitcoin (BTC) collapse, is doubling down on his call that the crypto king will outperform all other digital assets.
In late April, Brandt told his 696,000 Twitter followers that he was keeping an eye on the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to BTC.
[adinserter block="1"]At the time, the veteran trader said that BTC.D was trading in a defined range and that a breakout would have “huge significance.”
“My bias is that Bitcoin will bury all pretenders BTC. Eventually, there will be only one ‘King of the Hill,’ and it will be Bitcoin.”
Brandt is now updating his outlook on BTC.D, sharing a chart from a Bitcoin investor that shows the index has taken out the range resistance.
“Bitcoin BTC is the legacy coin and will outlast and out-value all of the make-believe crypto wannabes.”
At time of writing, BTC.D is hovering at 50.06%, a level last seen in April 2021.
Meanwhile, fellow analyst DonAlt is looking at the combined market share of Bitcoin and Ethereum (ETH). According to the pseudonymous trader’s chart, Bitcoin and Ethereum now account for about 70% of crypto’s total market capitalization.
“BTC + ETH dominance going for a massive run lately.
Altcoins by and large massively bleeding out and this is while stables inflate this chart in their favor.
Where will it stop?”
DonAlt says that Bitcoin is on the rise following news of BlackRock’s filing for a spot Bitcoin exchange-traded fund (ETF), a narrative that is not shared by other crypto assets.
“I think BTC gained a narrative with the recent ETF ‘developments.’
Alts don’t really have that.
If we get an up move, I’m expecting alts to massively lag.
If we get a down move, I’m expecting alts to puke harder.”
At time of writing, BTC is trading for $26,797, up over 1.56% in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
