Veteran trader Peter Brandt shared his prediction that Bitcoin dominance could break through. The breakout predicted by Peter Brandt could cause BTC to outperform altcoins.
Bitcoin dominance is a metric that reveals the ratio of the total market cap in the cryptocurrency market to the market cap of Bitcoin. That is, the higher the dominance of Bitcoin, the more it makes up the cryptocurrency market. Currently, Bitcoin dominance hovers around 48.49%.
The Bitcoin dominance chart forms a 24-month rectangle seen above, Brandt said. states. This is because the BTC dominance metric has remained between 38% and 48% for over two years. Brandt believes this is a limiting range for now. If this limit is exceeded, Bitcoin’s market cap will be greater than the total market cap of other altcoins. This could lead to Bitcoin outperforming other cryptocurrencies.
Predicting that Bitcoin will outperform altcoins, the famous trader said, “My guess is that Bitcoin will bury all the aspirants. In the end there will only be one ‘heavy ball’ and that will be Bitcoin.” used the phrases.
According to data from TradingView, the BTC dominance ratio, which is the market cap share of the total crypto market, reached a 10-month high of 48.90% on April 12.
You can follow the current price action here.