Market Analysis: Bitcoin (BTC) Nearing $10,000, Total Crypto Market Cap Surges to New 2019 High of $304 Billion

June 21, 2019 / by Zachary Mashiach

Bitcoin’s (BTC) price has surged over $400 in the past 24 hours and is now close to reaching the critical $10,000 level. At this time Bitcoin (BTC) is trading just above $9,900, after reaching as high as $9,960 around 3 p.m. Eastern time. $9,960 is the new 2019 high and 221% above the bear market low of $3,100 in December.

Aside from being an important psychological level, the Bitstamp order book depth chart indicates there is resistance at $10,000. It appears Bitcoin (BTC) will have to push hard to get through the resistance at $10,000, but the trend is Bitcoin’s (BTC) friend with a nearly continuous uptrend over the past week.

If Bitcoin (BTC) breaks through $10,000, it will likely be reported across mainstream media, possibly fueling a FOMO rally.

It appears the main reason for Bitcoin’s (BTC) surge towards $10,000 during the past couple of days is increasing tension with Iran. Apparently, the United States was ready to strike Iran last night, following Iran shooting down a United States reconnaissance drone, but the President called off the strike at the last minute. It seems only one more incident in the Strait of Hormuz is all it could take to start a war between Iran and the United States. Bitcoin (BTC) would likely increase in value during such a war due to stocks weakening from global trade disruption and fiat inflation from governments printing money to fund the war. Therefore, speculators are likely buying up Bitcoin (BTC) in anticipation of the war breaking out.

The rest of the crypto market is looking healthy today with solid gains across the board. Ethereum (ETH) is up 8.4% and trading near $293, Ripple (XRP) is up 3.1%, Litecoin (LTC) is up 2%, Bitcoin Cash (BCH) is up 5% and trading near $435, EOS is up 3.2%, Binance Coin (BNB) is up 4.3% and at a new all-time high of 4.3%, Bitcoin SV (BSV) is up 2.1%, Stellar (XLM) is up 1.3%, Cardano (ADA) is up 2.6%, Tron (TRX) is up 2.5%, Monero (XMR) is up 1.4%, Dash (DASH) is up 2.8%, Cosmos (ATOM) is up 0.9%, IOTA (MIOTA) is up 0.5%, NEO is up 3.7%, Ethereum Classic (ETC) is up 2.1%, Tezos (XTZ) is up 5.3%, Zcash (ZEC) is up 0.4%, and Dogecoin (DOGE) is up 1.5%.

The only major cryptocurrency in the red today is Bitfinex’s LEO token, which has seen a loss of 2.5%.

The total crypto market cap has gained $13 billion over the past 24 hours, rising from $291 billion to $304 billion. This is a new high for 2019, and 204% above the bear market low of $100 billion in December, revealing the major progress that the crypto market has made since the worst of the bear market.