Yesterday Bitcoin (BTC) achieved a new 2019 high of $5,940 on Bitstamp, 91% above the bear market low of $3,100 in December. The enthusiasm was short-lived however due to news that Binance had been hacked and lost 7,000 Bitcoins (BTC) worth over $40 million, which caused Bitcoin’s (BTC) price to drop as low as $5,700 around 8 p.m. Eastern time. Simultaneously, the rest of the crypto market dived into the red, causing the total crypto market cap to drop from $188 billion to $182 billion.
After that, Bitcoin (BTC) began a steady upglide and has reached as high as $5,910 this afternoon. Buying pressure is outweighing selling pressure, and the market is remarkably bullish despite the Binance hack. The uptrend appears to be continuing.
Based on trading data from the past couple of days, there appears to be resistance from $5,900-$6,000 and strong support at $5,700. The Bitstamp order book depth chart shows far more buy orders than sell orders at this time, suggesting that Bitcoin (BTC) could make a move towards $6,000.
The steady rise of Bitcoin (BTC) today has resulted in a handful of major cryptocurrencies rising into the green, a sharp reversal from the significant losses yesterday evening. Tron (TRX) is up 2.4%, Monero (XMR) is up 1%, Bitcoin SV (BSV) is up 4%, and IOTA (MIOTA) is up 1.6%.
Most major cryptocurrencies remain in the red but have recovered most of their losses from yesterday evening. Ethereum (ETH) is down 1.8%, Ripple (XRP) is down 0.1%, Bitcoin Cash (BCH) is down 1.2%, Litecoin (LTC) is down 1.6%, EOS is down 0.3%, Stellar (XLM) is down 2.4%, Cardano (ADA) is down 0.9%, Dash (DASH) is down 1.8%, Cosmos (ATOM) is the least profitable cryptocurrency today with an 8.7% loss, Tezos (XTZ) is down 4.3%, and Dogecoin (DOGE) is down 1.3%.
Notably, Binance Coin (BNB) was down as much as 12% immediately following the news of the Binance hack but is now down only 2.4%. Justin Sun, the Founder of Tron (TRX), helped Binance Coin (BNB) recover by saying he would deposit 7,000 Bitcoin (BTC) on Binance to buy up Binance Coin (BNB) and Tron (TRX). The CEO of Binance did not allow the deposit since the system is under maintenance, but regardless, this statement caused the price of Binance Coin (BNB) and Tron (TRX) to rise.
Since the market dropped yesterday evening around 8 p.m, and most major cryptocurrencies have seen a significant recovery since then, after 8 p.m. most major cryptocurrencies should be in the green as long as the market holds steady.
The total crypto market cap has risen from $182 billion to $186 billion since the lows yesterday evening, but this is still below the total crypto market cap of $188 billion 24 hours ago. The 2019 high for the total crypto market cap is $189.5 billion, so if today’s uptrend continues, a new 2019 high is possible.
Currently, the total crypto market cap is 86% above the bear market low of $100 billion in December, which reveals the significant recovery the crypto market has made since then.