Market Analysis: Bitcoin (BTC) Climbs $100, Ethereum (ETH) Jumps 7% on Futures News, Rest of Crypto Market Mixed

May 6, 2019 / by Zachary Mashiach

In the late afternoon and evening yesterday, Bitcoin (BTC) dropped from $5,780 to $5,580 on Bitstamp. A slight price increase overnight was short-lived, and Bitcoin (BTC) dropped to $5,580 again around 4 a.m. eastern time. After that, the price of Bitcoin (BTC) began to steadily rise, and Bitcoin (BTC) reached as high as $5,750 by 2 p.m. Currently, Bitcoin (BTC) has pulled back slightly and is trading near $5,680.

Zooming out, we can see that Bitcoin (BTC) has been trading in-between resistance at $5,800 and support from $5,500-$5,600 since Friday. The price of Bitcoin (BTC) has been relatively volatile with significant peaks and dips every day.

The price of Bitcoin (BTC) on Bitfinex continues to trade at a $300-$400 premium above the global spot average due to fear surrounding the New York Attorney General’s Office lawsuit against Bitfinex and Tether (USDT), and this is likely continuing to pull upwards on Bitcoin’s (BTC) price via arbitrage. That being said, there is plenty of selling pressure apparent on the Bitcoin (BTC) market, and on average, Bitcoin (BTC) has not made any gains since Friday.

Major cryptocurrencies were generally in the red this morning, but Bitcoin’s (BTC) upward movement through the early afternoon led to several major cryptocurrencies rising into the green. This has resulted in a mixed day on the crypto market.

The biggest winner today is Ethereum (ETH) with a 7% gain. This is due to news that the Commodities Futures Trading Commission (CFTC) is ready to approve Ethereum (ETH) futures, although no specifics have been disclosed yet.

Ripple (XRP) is up 0.1%, EOS is up 0.4%, Cardano (ADA) is up 1.6%, Tron (TRX) is up 3.3%, Monero (XMR) is up 1.4%, Dash (DASH) is up 1%, and Tezos (XTZ) is up 4.2%.

As for cryptocurrencies that have seen losses today, Bitcoin Cash (BCH) is down 1.5%, Litecoin (LTC) is down 1.2%, Binance Coin (BNB) is down 3.1%, Stellar (XLM) is down 1.3%, Bitcoin SV (BSV) is down 2%, Cosmos (ATOM) is down 3.1%, IOTA (MIOTA) is down 2.8%, and Dogecoin (DOGE) is down 3.4%.

Over the past 24 hours, the bulls and the bears have negated each other resulting in no change of the total crypto market cap. Currently, the total crypto market cap is $183.5 billion, which is 83.5% above the bear market low of $100 billion in December, and only $5 billion below the 2019 high of $188.5 billion.