Veteran trader Peter Brandt, who cited Bitcoin’s (BTC) collapse in 2017, 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.
The veteran trader said at the time that BTC.D was trading within a certain range and that a breakout would have “huge significance”.
“My preconceived notion is that Bitcoin will bury all pretenders to BTC. Ultimately, there will only be one King of the Hill and that will be Bitcoin.”
Brandt is now to update his take on BTC.D, sharing a chart from a Bitcoin investor that shows the index has cleared range resistance.
“Bitcoin BTC is the legacy coin and will last longer and surpass all made-up crypto wannabes.”
At the time of writing, BTC.D is hovering at 50.06%, a level last seen in April 2021.
Meanwhile, fellow analyst DonAlt looks 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 cap.
“BTC + ETH dominance is making a huge run lately.
Altcoins generally bleed big and this is while stalls inflate this chart in their favor.
Where does it stop?”
DonAlt say that Bitcoin is on the rise following news of BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF), a story not shared by other crypto assets.
“I think BTC got a story with the recent ETF developments.
Alts don’t really have that.
If we get an upward move, I expect alts to be massively underperforming.
If we get a down move, I expect alts to puke harder.
At the time of writing, BTC is trading at USD 26,797, up more than 1.56% in the past 24 hours.
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Image generated: Midway through the journey