Peter Brandt has also suggested that market sentiment has seemingly turned overly bearish
In his recent tweet, prominent trader Peter Brandt says that the Bitcoin dominant chart could be “the big tell.”
The trader believes that getting above the 50% level would be hugely positive for the largest cryptocurrency.
At press time, Bitcoin accounts for 42.5% of the total market share, according to CoinMarketCap data.
As reported by U.Today, the flagship cryptocurrency’s market dominance surged to the highest level since October earlier this month following a massive market downturn.
Bitcoin’s market share tends to grow during bear markets since it is perceived as a safer asset compared to altcoins.
The crypto king remains in the doldrums together with other top altcoins, with Dogecoin being the only exception. The meme coin has spiked by more than 10% over the past 24 hours.