Market Analysis: Crypto Market Surges Into the Green as Bitcoin (BTC) Rises to $8,100

May 24, 2019 / by Zachary Mashiach

Around 5 a.m. yesterday morning, Bitcoin (BTC) dropped to as low as $7,500 and was close to shattering its critical support level. However, Bitcoin (BTC) then rose throughout the day yesterday, and this steady rise has continued into today. Around noon Eastern time, Bitcoin (BTC) reached $8,170 before pulling back to $8,020 by 3 p.m. Currently, Bitcoin (BTC) is back up to the $8,100 level.

The critical resistance level to watch is $8,300-$8,400. If Bitcoin (BTC) can break that resistance level, a rally is possible. This resistance level has been stubborn however, with Bitcoin (BTC) rising to $8,300-$8,400 multiple times this month but ultimately being pushed back each time so far.

It seems the escalating trade war with China is helping to fuel the Bitcoin (BTC) bulls. The steady rise that started early yesterday morning coincided with stock futures crashing and a stream of negative news regarding the trade war has continued since then.

The crypto market has surged into the green today with several cryptocurrencies gaining even more than Bitcoin (BTC). Indeed, the Bitcoin (BTC) dominance percentage has declined from 57.1% to 56.8% today.

Ethereum (ETH) is up 4.2%, Ripple (XRP) is up 2.9%, Bitcoin Cash (BCH) is up 4.4%, Litecoin (LTC) is the big winner of the day with a gain of 13.7% and a price near $100, EOS is up 8.6%, Binance Coin (BNB) is at new all-time highs of $34 with a gain of 6.9%, Stellar (XLM) is up 2.6%, Cardano (ADA) is up 5%, Tron (TRX) is up 4.8%, Monero (XMR) is up 5.2%, Dash (DASH) is up 3.5%, IOTA (MIOTA) is up 1.9%, Tezos (XTZ) is up 0.2%, Cosmos (ATOM) is up 12.6%, NEO is up 3.7%, Zcash (ZEC) is up 4.8%, and Dogecoin (DOGE) is up 2.3%.

The only major cryptocurrency in the red today is Bitcoin SV (BSV) with a loss of 2%, causing its price to slide just below $100.

Spurred by the bulls the total crypto market cap has risen $11 billion in the past 24 hours from $241 billion to $252 billion. This is 152% above the bear market low of $100 billion in December.

The total crypto market cap high for 2019 so far was $264 billion back on May 15. All eyes are on Bitcoin’s (BTC) $8,300-$8,400 resistance level to see if the crypto market will be able to surge to new 2019 highs in the coming week.