Bitcoin (BTC) tested support near $7,600 yesterday at 5 p.m. Eastern time before quickly recovering to $8,100 around 8 p.m. After that Bitcoin (BTC) went as low as $7,900 in the early morning hours, recovered to $8,150 by 6 a.m., and dropped again to $7,900 during the late morning hours. Throughout the afternoon, Bitcoin (BTC) has been steadily climbing, reaching as high as $8,270 at 4 p.m. which is near the high for 2019. Currently, Bitcoin (BTC) has pulled back a bit and is trading near $8,200.
Resistance at $8,300 continues to be the level to watch to see if Bitcoin (BTC) can extend its bull run, and strong support is apparent at $7,900.
Although Bitcoin (BTC) is doing well today and within striking distance of a new 2019 high, the real story today is the surge in the altcoin markets. Most major cryptocurrencies are up 10% or more.
Ethereum (ETH) is up 16% and trading near $238, Ripple (XRP) is up 9.9% and trading near $0.43, Bitcoin Cash (BCH) is up 5.2% and trading near $393, Litecoin (LTC) is up 12.7% and trading near $100, EOS is up 8.7% and trading near $6.30, Binance Coin (BNB) is up 14.2% and at a new all-time high near $27, Stellar (XLM) is up 12.6%, Cardano (ADA) is up 11.9%, Tron (TRX) is up 14.3%, Monero (XMR) is up 13.4% and trading near $92, Dash (DASH) is up 9.7% and trading near $150, Bitcoin SV (BSV) is up 16.9%, IOTA (MIOTA) is up 15.8%, Tezos (XTZ) is up 24.1%, Cosmos (ATOM) is up 13.5%, Ethereum Classic (ETC) is up 17.8%, NEO is up 15.1%, Zcash (ZEC) is up 14.9%, and Dogecoin (DOGE) is up 5.8%.
Notably, there are now 16 cryptocurrencies with market caps in excess of $1 billion. This is up from 14; today Tezos (XTZ) and IOTA (MIOTA) exceeded a $1 billion market cap.
The total crypto market cap has surged $21 billion since yesterday evening, rising from $231 billion to $252 billion. This is the new high for 2019. This puts the total crypto market 152% above the bear market low of $100 billion in December. The current total crypto market cap is 29.5% of the all-time high of $835 billion reached on Jan. 7, 2018.