Market Analysis: Bitcoin (BTC) Rises $1,100 Today After Dropping as Low as $9,700 This Morning, Crypto Market Mixed

July 2, 2019 / by Zachary Mashiach

Bitcoin (BTC) has continued to be highly volatile over the past 24 hours. Yesterday evening, Bitcoin (BTC) was near $10,600, before dropping to $9,700 during the early morning hours. Around 5 a.m. Eastern time, Bitcoin (BTC) rose to $10,300, only to fall to its lowest point of the day just below $9,700 a few hours later. Since then, Bitcoin (BTC) has been generally gaining, and currently, Bitcoin (BTC) is trading near $10,800, up $1,100 since the lows this morning. 

$10,000 is an important psychological support level for Bitcoin (BTC), and it is bullish that Bitcoin (BTC) did not spend that much time below $10,000 this morning. Another bullish factor is that stocks are mixed today, unlike yesterday when stocks were bullish. It seems the stock market bullishness over the re-initiation of trade talks between China and the United States only lasted for a day. Now, investors are once again rushing into safe haven assets like long term bonds, gold, and Bitcoin (BTC). 

The crypto market is mixed today but generally in the green. Ethereum (ETH) is up 1.3%, Ripple (XRP) is up 0.4%, Litecoin (LTC) is up 0.9%, Bitcoin Cash (BCH) is up 0.7%, EOS is up 2.3%, Bitcoin SV (BSV) is up 2.6%, Tron (TRX) is up 0.3%, Dash (DASH) is up 1%, Chainlink (LINK) is up 4.6%, NEO is up 10%, IOTA (MIOTA) is up 0.6%, Cosmos (ATOM) is up 2.6%, Ethereum Classic (ETC) is up 3.5%, Zcash (ZEC) is up 0.9%, Tezos (XTZ) is rallying with a gain of 17.7%, and Dogecoin (DOGE) is up 1.8%. 

Binance Coin (BNB) is down 2%, Cardano (ADA) is down 2.4%, Stellar (XLM) is down 1%, LEO is down 1.6%, and Monero (XMR) is down 0.6%. 

Notably, only Chainlink (LINK), NEO, and Tezos (XTZ) have outperformed Bitcoin’s (BTC) gain of 4.4% in the past 24 hours. Indeed, the Bitcoin (BTC) dominance percentage has risen from 60.1% early this morning to 61.5% currently, meaning that Bitcoin (BTC) is beating the rest of the crypto market on average. 

The total crypto market cap has gained $25 billion since early this morning, rising from $288 billion to $313 billion. This is 213% above the bear market low of $100 billion in December, but $74 billion below the peak 2019 total market cap of $387 billion a week ago.