Market Analysis: Dash (DASH), Stellar (XLM), and Binance Coin (BNB) Rallying, Most Major Cryptocurrencies in the Green

March 12, 2019 / by Zachary Mashiach

Bitcoin (BTC) dropped to $3,790 around midnight and has now recovered to $3,870. The $3,900 resistance level continues to hold strong, and Bitcoin (BTC) has made no attempt to break through this key resistance level today. In order for Bitcoin (BTC) to rally, it will have to rise above $3,900, which has not happened since Feb. 24.

The support level of $3,700 continues to be in place. This is a critical level to watch since if Bitcoin (BTC) drops below $3,700 the market could turn decisively bearish, and the long term support level of $3,100 could be retested.

Due to the lack of direction from Bitcoin (BTC), the rest of the major cryptocurrencies are mixed this evening, although the majority of cryptocurrencies are bullish.

The big winners of today are Dash (DASH) which is up 9.5 percent, Stellar (XLM) which is up 5.1 percent, and Binance Coin (BNB) is up 5.5 percent. Binance Coin (BNB) continues to rally on speculation regarding the coming Binance DEX. Dash (DASH) is rallying on news that PolisPay has integrated Dash (DASH), which could lead to Dash (DASH) being utilized on the PolisPay Mastercard.

Ethereum (ETH) is up 0.7 percent, Ripple (XRP) is up 0.1 percent, Litecoin (LTC) is up 3.2 percent, EOS is up 2.2 percent, Tron (TRX) is up 1.1 percent, Bitcoin SV (BSV) is up 0.7 percent, Monero (XMR) is up 1.7 percent, IOTA (MIOTA) is up 2.5 percent, and Dogecoin (DOGE) is up 3.1 percent.

The only major cryptocurrencies which are down today are Bitcoin Cash (BCH) and Cardano (ADA), down 0.4 percent and 0.8 percent respectively.

Due to the general bullish sentiment on the crypto markets today the total cryptocurrency market cap has gained $3 billion, rising from $131 billion to $134 billion. This is similar to the levels seen during the middle of February, and about 30 percent above the bear market low reached in mid-December.