Trader Peter Brandt Says Bitcoin Will Outlast All Other Crypto Assets As BTC Dominance Breaks 50%

[ad_1]

Veteran trader Peter Brandt, who called the collapse of Bitcoin (BTC) in 2017, doubles down on his call that the king of crypto will outperform all other digital assets.

In late April, Brandt told his 696,000 Twitter followers that he was keeping tabs on the Bitcoin Dominance Chart (BTC.D), which tracks the share of the total crypto market capitalization owned by BTC.

At the time, the veteran trader said that BTC.D was trading within a defined range and a breakout would have huge significance.

My bias is that Bitcoin will bury all BTC pretenders. Eventually, there will be only one king of the hill, and that will be Bitcoin.

Source: Peter Brandt/Twitter

Brandt is now updating his outlook 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 outlive and overvalue any imaginary crypto wannabes.

Source: Mike Cautillo/Twitter

At the time of writing, BTC.D is hovering at 50.06%, a level last seen in April 2021.

Meanwhile, fellow analyst DonAlt examines the combined market share of Bitcoin and Ethereum (ETH). According to the pseudonymous traders chart, Bitcoin and Ethereum now account for around 70% of the total crypto market capitalization.

The BTC + ETH dominance is going for a massive run lately.

Overall, altcoins are bleeding massively and that’s when stables inflate this chart in their favor.

Where will it stop?

Source: DonAlt/Twitter

DonAlt says Bitcoin is on the rise following BlackRocks’ announcement of a spot Bitcoin exchange-traded fund (ETF) filing, a narrative that is not shared by other crypto assets.

I think BTC has gained a narrative with recent ETF developments.

Alts don’t really have that.

If we get a move up, I expect the alts to lag massively.

If we get a move down, I expect the alts to vomit louder.

At the time of writing, BTC is trading at $26,797, up over 1.56% in the past 24 hours.

Don’t miss a beat Subscribe to receive email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]