Market Analysis: Binance Coin (BNB) Rallies 10 Percent, Total Crypto Market Cap Gains $1.5 Billion As Bitcoin (BTC) Slowly Increases Throughout Day

March 1, 2019 / by Zachary Mashiach

Bitcoin (BTC) has been on a slow upglide today from $3,800 to $3,830, and there has not been much volatility. Support appears to lie in the $3,700-$3,800 range, and this level is important to watch to see if the market will turn bearish and head back to the long term support level of $3,100. Resistance is near $3,900 with a llonger-term resistance at $4,200, which is the level to watch to see if Bitcoin (BTC) can make a real bull run.

Binance Coin (BNB) has rallied 10 percent today. There is not any specific news that caused today’s rally, although continuing speculation regarding the coming Binance DEX may be the reason. Binance Coin (BNB) has now overtaken Tron (TRX) for rank number 9 on CoinMarketCap. The lead over Tron (TRX) is very thin though, and Binance Coin (BNB) could easily slide back to number 10.

All other major cryptocurrencies are bullish today, aside from Tron (TRX) which is near zero percent change on the day. Ethereum (ETH) is up 0.5 percent, Ripple (XRP) is up 2.1 percent, EOS is up 2.8 percent, Litecoin (LTC) is up 4.5 percent, Bitcoin Cash (BCH) is up 1.1 percent, Stellar (XLM) is up 2.1 percent, Bitcoin SV (BSV) is up 1 percent, Cardano (ADA) is up 1.4 percent, Monero (XMR) is up 0.7 percent, IOTA (MIOTA) is up 5.2 percent, Dash (DASH) is up 1.6 percent, and Dogecoin (DOGE) is up 0.9 percent.

The total crypto market cap has risen $1.5 billion in the past 24 hours to $130 billion. This makes two days in a row with gains on average across the crypto market, bucking the trend of alternating up and down days.

Drawing a straight line through all the volatility, the total crypto market cap has steadily risen $4.5 billion since dumping to $127 billion on Feb. 24. It is a bullish sign that buying pressure is consistently overwhelming selling pressure over the past week. However, the $4.5 billion gain over the past week pales compared to the $17 billion loss in one day on Feb. 24 is a reminder of how vicious the bear market can be.