Market Analysis: Bitcoin (BTC) Rockets to Over $7,900, Crypto Market Surges Into the Green

May 13, 2019 / by Zachary Mashiach

Bitcoin has risen $1,000 in less than 24 hours, from $6,900 yesterday evening to as high as $7,940 on Bitstamp around 1 p.m. Eastern time. This is a new 2019 high. In the past week, Bitcoin (BTC) is up $2,200. In the past month, Bitcoin (BTC) is up $2,900, and since the bear market low in December, Bitcoin (BTC) is up $4,800 (155%). Since the bear market low, the Bitcoin (BTC) market cap has risen from $55 billion to $140 billion.

Bitcoin (BTC) appears to have resistance near $8,000, which is the level to watch to see if this rally can continue. Trading data from this afternoon suggests support around $7,700-$7,800.

Today’s rally appears to have been sparked by news that Starbucks, Whole Foods, Nordstrum, Regal Cinemas, Gamestop, and Baskin Robbins are now accepting Bitcoin (BTC) via the Flexa app. This is a major step for Bitcoin (BTC) adoption.

Further, the Dow Jones Industrial Average (DJIA) dropped over 600 points today, making today the worst day on the stock market in over five months. The stock market is looking increasingly weak due to the trade war with China. Extremely low interest rates and the gold market being flat on the year leaves Bitcoin (BTC) and cryptocurrency as one of the only profitable investments. Indeed, Bitcoin (BTC) and cryptocurrency is by far the most profitable asset class during 2019 so far. This is likely causing some traders who usually buy stocks to divert their money into Bitcoin (BTC).

Other major cryptocurrencies are following Bitcoin’s (BTC) lead and are surging into the green today. Ethereum (ETH) is up 6% and is trading near $200, Ripple (XRP) is up 5.1%, Bitcoin Cash (BCH) is up 10.1% and is trading near $390, Litecoin (LTC) is up 4.3% and is trading near $90, EOS is up 5.5%, Binance Coin (BNB) is up 15.1%, Stellar (XLM) is up 2.6%, Cardano (ADA) is up 5.9%, Tron (TRX) is up 4.8%, Monero (XMR) is up 8.6% and is trading near $81, Dash (DASH) is up 7.8% and is trading near $133, Bitcoin SV (BSV) is up 3.4%, IOTA (MIOTA) is up 11.2%, Tezos (XTZ) is up 10.1%, and Dogecoin (DOGE) is up 3.2%.

The total crypto market cap has soared $23 billion since yesterday evening, from $208 billion to $231 billion. In the past week, the total crypto market cap is up $48 billion, and since the bear market low in December the total crypto market cap is up $131 billion.