Bitcoin has advanced to 30 thousand dollars with a remarkable momentum today. Meanwhile, veteran crypto analyst Peter Brandt is doubling down on his call that Bitcoin will outperform the altcoin market. The recent rally in BTC price weakens the bears’ ability to provide resistance…
Peter Brandt says BTC will multiply market dominance
The senior market analyst previously said that altcoins would be crushed against BTC. In April, he predicted that BTC.D would rise rapidly, indicating Bitcoin’s market dominance. He said that on this date, BTC.D was trading within a defined range and a breakout would be of “major significance”.
Brandt is now updating his view on BTC.D. He shares a chart of a Bitcoin investor showing that the index has crossed the range resistance. According to their analysis:
BTC is an old cryptocurrency and will outlast and be more valuable than any fictitious crypto wannabe.
BTC.D is currently hovering above 51%, its highest level in recent months. Similarly, another analyst, DonAlt, who also addresses Ethereum’s dominance, points out the increasing dominance of the two market giants.
Ethereum and Bitcoin represent 70% of the total market
You can take a look at DonAlt’s accurate predictions from this article. In his current analysis, he took a look at the combined market dominance of BTC and ETH. As the analyst reports, the duo currently accounts for 70% of the total value of the crypto market.
DonAlt says Bitcoin is bullish after BlackRock’s ETF news. As we reported today, several companies have applied for new ETFs. While the news triggered a rise in the market, weeks later this time the bears are losing strength.
Latest BTC rally leaves bears facing $155M liquidation
In one of the biggest daily movements in recent months, crypto markets are up 5.2% in the last 24 hours. Thus, all losses from the drop caused by the SEC on June 14 have now been recovered. According to Coinglass, a total of $155 million has been liquidated in the last 24 hours. In addition, the vast majority, or about 80%, of these were short positions.
“This is not a short squeeze, but someone is buying a lot of BTC,” says Ki Young Ju, CEO of CryptoQuant. With the recent movement in the market, BTC advanced to the $ 29,200 region. Other altcoins benefiting from the market momentum include Cardano (ADA), Polygon (MATIC), Litecoin (LTC), and Avalanche (AVAX). At the time of writing, the top cryptocurrencies on the green board are:
- Bitcoin Cash (BCH): +23.25%
- Optimism (OP): +18.37%
- Stacks (STX): +17.56%
- Injective (INJ): +16.33%
- Render Token (RNDR): +16.21%
- Pepe (PEPE): +15.10%
- Bitcoin SV (BSV): +12.89%
- Phantom (FTM): +12.48%
- Kava (KAVA): +10.64%
- Flare (FLR): +10.41%
- Arbitrum (ARB): +10.15%
- Litecoin (LTC): +9.90%
- Neo (NEO): +9.71%
- Immutable (IMX): +9.07%
