Market Analysis: Bitcoin (BTC) Rises to $6,400 Before Retracing to $6,250, Altcoins Doing Better Today and in the Green

May 10, 2019 / by Zachary Mashiach

Bitcoin (BTC) reached a new 2019 high of $6,411 on Bitstamp this afternoon. This is a price increase of $300 over the past 24 hours, an $850 price increase since Saturday, a $2,000 price increase since the beginning of April, and a $3,300 price increase since the bear market low in December. Indeed, Bitcoin (BTC) now is over 100% higher than it was during the bear market low.

After hitting the 2019 high around 2 p.m. Eastern time, Bitcoin (BTC) retraced downwards to as low as $6,250 at 5 p.m. This reveals Bitcoin’s (BTC) current resistance and support levels, which are $6,400 and $6,250 respectively. Currently, Bitcoin (BTC) has bounced back a bit and is trading near $6,320.

Yesterday, the altcoin market was bearish as Bitcoin’s (BTC) dominance percentage increased, and this was due to traders selling off altcoins to buy Bitcoin (BTC). Today the altcoin market is looking healthier with most major cryptocurrencies in the green. Indeed, the Bitcoin (BTC) dominance percentage has declined a fraction of a percent from 58.5% to 58.2%, which shows altcoins gained slightly relative to Bitcoin (BTC) today.

Ethereum (ETH) is up 2%, Ripple (XRP) is up 1.1%, Bitcoin Cash (BCH) is up 1%, Litecoin (LTC) is up 3.8%, EOS is up 0.3%, Binance Coin (BNB) is up 2.1%, Stellar (XLM) is up 2.3%, Cardano (ADA) is up 2.7%, Monero (XMR) is up 5.4%, Dash (DASH) is up 0.6%, IOTA (MIOTA) is up 2%, Tezos (XTZ) is up 0.5%, Cosmos (ATOM) is up 1%, and Dogecoin (DOGE) is up 0.6%.

The only major cryptocurrencies in the red today are Tron (TRX) and Bitcoin SV (BSV) with slight losses of 0.1% and 0.2% respectively.

Due to Bitcoin (BTC) reaching a new 2019 high and the altcoin market turning healthier today, the total crypto market cap achieved a new 2019 high of $195 billion earlier this afternoon. The pullback in Bitcoin’s (BTC) price has caused the total crypto market cap to drop to $193 billion currently, but this is still up $5.5 billion in the past 24 hours.

The total crypto market cap is now 93% above the bear market low of $100 billion in December.