Market Analysis: Crypto Market Partially Recovers Its Losses, Total Crypto Market Cap Gains $8 Billion

June 5, 2019 / by Zachary Mashiach

Bitcoin (BTC) dropped to as low as $7,490 yesterday at 6 p.m. Eastern time, down $1,540 from the 2019 high of $9,030 on May 30. During the same period of time, the total crypto market cap lost $46 billion, dropping from $287 billion to $241 billion.

Today has seen a partial recovery across the crypto market. Bitcoin (BTC) is currently trading near $7,800. During the past 24 hours, Bitcoin (BTC) has traded in a range between $7,490 and $7,870, but when drawing a line through the volatility the average trend is upwards. Bitcoin (BTC) appears to have resistance near $7,900 and support near $7,500. The longer-term resistance and support levels are $9,000 and $7,000 respectively.

The Dow Jones Industrial Average (DJIA) gained another 200 points today with cumulative gains over the past three days of 800 points. The reversal in sentiment from bearishness to bullishness on the stock market may be contributing to lower crypto prices this week since an inverse correlation has been noted between the stock and crypto markets.

The crypto market is mostly in the green. Ethereum (ETH) is up 2.7%, Ripple (XRP) is up 1.2%, Bitcoin Cash (BCH) is up 6.2%, Litecoin (LTC) is up 2.2%, EOS is up 2.7%, Binance Coin (BNB) is up 1.3%, Stellar (XLM) is up 1.2%, Tron (TRX) is up 1.3%, Cardano (ADA) is up 1.7%, Monero (XMR) is up 3%, Dash (DASH) is up 1.9%, IOTA (MIOTA) is up 2.3%, Ethereum Classic (ETC) is up 2%, NEO is up 1.8%, Zcash (ZEC) is up 2.6%, and Dogecoin (DOGE) is up 2.6%.

Only a couple of major cryptocurrencies remain in the red. Bitcoin SV (BSV) is down 2.6% and Tezos (XTZ) is down 3.6%.

Buoyed by the general price rise across the crypto markets today, the total crypto market cap has gained $8 billion since the lows yesterday at 6 p.m. Eastern time, rising from $241 billion to $249 billion.

The current total crypto market cap is 149% above the bear market low of $100 billion in December. The market is now waiting to see whether the bearish trend which started after the CME Bitcoin futures expiration on Friday continues, or if the crypto market can become bullish again like it was in May.