Market Analysis: Bitcoin (BTC) Rises to Over $6,000, a New 2019 High, Altcoins Turn Bearish as Bitcoin (BTC) Dominance Increases

May 9, 2019 / by Zachary Mashiach

Bitcoin (BTC) has once again reached its highest levels of 2019, touching $6,100 on Bitstamp last night. Bitcoin (BTC) pulled back in the morning to as low as $5,970 by 9 a.m. Eastern Time, but since then Bitcoin (BTC) has been steadily rising and is currently trading near $6,070.

It is a testament to the bullishness of the market that Bitcoin (BTC) has exceeded $6,000 despite the Binance hack and the New York Attorney General’s Office lawsuit against Bitfinex and Tether (USDT).

The current resistance level for Bitcoin (BTC) is $6,100, and this is the level to watch to see if Bitcoin (BTC) can continue its bull trend. The Bitstamp order book depth chart as well as the trend since 9 a.m. suggest that buying pressure is greater than selling pressure, making it possible that Bitcoin (BTC) will rise yet again to new 2019 highs in the short term. Support is apparent around $5,950.

Despite Bitcoin (BTC) reaching the highest levels of 2019 so far, the rest of the crypto market is generally bearish. This is revealed by the steadily rising Bitcoin (BTC) dominance percentage, which is the Bitcoin (BTC) Market Cap divided by the total crypto market cap. Since the beginning of April, the Bitcoin (BTC) dominance percentage has risen from 50.1% to 57.8%, meaning that the altcoin market has collectively declined 7.7% relative to Bitcoin (BTC) during that period. This suggests that investors are selling off altcoins to buy Bitcoin (BTC).

Ethereum (ETH) is down 0.7%, Ripple (XRP) is down 1.3%, Bitcoin Cash (BCH) is down 1.7%, Litecoin (LTC) is down 1.4%, EOS is down 1.3%, Binance Coin (BNB) is down 9.6%, Stellar (XLM) is down 4.2%, Cardano (ADA) is down 5.6%, Tron (TRX) is down 6.1%, Monero (XMR) is down 4.1%, Dash (DASH) is down 5.5%, IOTA (MIOTA) is down 6.9%, Tezos (XTZ) is down 6.1%, Cosmos (ATOM) is down 13.8%, and Dogecoin (DOGE) is down 1.5%.

The only major cryptocurrency that is in the green today is Bitcoin SV (BSV) with a 3.2% gain.

Due to the bearishness of the altcoin market, the total crypto market cap has barely increased over the past 24 hours despite Bitcoin (BTC) being near the 2019 high. Currently, the total crypto market cap is $187 billion, which is 87% above the bear market low of $100 billion in December.

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