Market Analysis: Bitcoin (BTC) Rises to Over $11,000 as Bitcoin (BTC) Dominance Percentage Increases to 62.2%

July 3, 2019 / by Zachary Mashiach

Bitcoin (BTC) has continued to gain since hitting a low of $9,700 yesterday morning, rising as high as $11,500 today. Currently, Bitcoin (BTC) has leveled off slightly and is trading between $11,200 and $11,300.

The critical support level for Bitcoin (BTC) is $10,000, and for now, it appears Bitcoin (BTC) will not imminently break below this level. A critical resistance level for Bitcoin (BTC) is at $11,700, which was the price of Bitcoin (BTC) during the CME Bitcoin Futures expiration on Friday. So far, since the CME Bitcoin Futures expiration, Bitcoin (BTC) has declined, but if Bitcoin (BTC) rises above $11,700, it may signal a trend reversal.

The crypto market is generally in the green today, but most cryptocurrencies have declined relative to Bitcoin (BTC), which has gained 4.7% during the past 24 hours. This has caused the Bitcoin (BTC) dominance percentage to rise from 61.4% to 62.2% over the last 24 hours. 

Ethereum (ETH) is up 1.5%, Litecoin (LTC) is up 0.9%, Bitcoin Cash (BCH) is up 2.6%, EOS is up 2.1%, Binance Coin (BNB) is up 1.2%, Bitcoin SV (BSV) is up 2.4%, Tron (TRX) is up 0.8%, Cardano (ADA) is up 0.4%, Stellar (XLM) is up 0.9%, Monero (XMR) is up 1.3%, Dash (DASH) is up 1.6%, Chainlink (LINK) is up 1.3%, Cosmos (ATOM) is up 3.4%, Zcash (ZEC) is up 1.6%, and Dogecoin (DOGE) is up 0.4%.

A few cryptocurrencies are in the red today. LEO is down 1.6%, Ethereum Classic (ETC) is down 0.6%, and NEO is down 2.4%.

The only cryptocurrency which has outperformed Bitcoin (BTC) today is Tezos (XTZ) with a 23.3% gain.

The total crypto market cap has gained $11 billion over the last 24 hours, rising from $312 billion to $323 billion. This is 223% above the bear market low of $100 billion in December, but $64 billion below the 2019 high of $387 billion a week ago.