Trader Peter Brandt predicts Bitcoin’s continued dominance as its market share approaches 50%
Peter Brandt, a veteran trader who predicted Bitcoin’s (BTC) fall in 2017, is sticking by his prediction that Bitcoin would beat all other cryptocurrencies.
Late in April, Brandt informed his 696,000 Twitter followers that he was monitoring the Bitcoin dominance chart (BTC.D), which displays the percentage of total crypto market value held by Bitcoin.
At a time, seasoned traders claimed that a breakthrough in BTC.D’s trading range would have “huge significance.”
Bitcoin will triumph above any competitors. One day, Bitcoin will be the sole ‘King of the Hill,’ and everyone else will be but a footnote.
The BTC.D index has broken through its range’s barrier, so Brandt has revised his previous asset assessment.
“Bitcoin BTC will outlive and outvalue all the phoney cryptocurrencies because it is the real deal. As I write this, BTC.D is trading at 50.06%, which has not been seen since April 2021.”
Meanwhile, DonAlt is analysing Bitcoin and Ethereum’s (ETH) combined market share. Approximately 70% of the overall market capitalization of cryptocurrencies is held by Bitcoin and Ethereum, as shown by the graphic from the anonymous trader.
Recently, BTC and ETH have been in an uproar. Even while stablecoins artificially inflate this chart to their advantage, altcoins are generally experiencing enormous losses.
DonAlt, who does not speak for other crypto assets, claims that Bitcoin is increasing after hearing that BlackRock has applied to create a spot Bitcoin exchange-traded fund (ETF).
“I believe BTC was given a storyline by the latest ETF ‘developments. In general, alternates need this. I anticipate significant latency for alts in the event of an up move. The alts will vomit even more if we have a down move.” The current price of Bitcoin is $26,797, an increase of nearly 1.56% in the previous 24 hours.