Throughout the day yesterday, Bitcoin (BTC) steadily rose from a low of $5,580 at 4 a.m. Eastern time to just below $5,700 by 7 p.m. The price of Bitcoin (BTC) then began to increase more rapidly, reaching $5,930 by 11 p.m. By 10 a.m the price of Bitcoin (BTC) increased to a new 2019 high on Bitstamp of $5,940, corresponding to a market cap near $106 billion. Simultaneously, major cryptocurrencies were surging into the green, and the total crypto market cap reached $189.5 billion, a new 2019 high and nearly 90% above the bear market low of $100 billion in December.
These 2019 highs were short-lived, however, and within 15 minutes, Bitcoin (BTC) declined to as low as $5,815. Currently, Bitcoin (BTC) is trading near $5,870 after briefly climbing back to $5,900 around 1 p.m. There is apparent resistance from $5,900 to $6,000, and support near $5,800.
The price drop just after 10 a.m. was the pivot point for the day on the crypto market, causing most major cryptocurrencies to go from being significantly in the green to being in the red. Ethereum (ETH) is down 1%, Ripple (XRP) is down 1%, Bitcoin Cash (BCH) is down 2%, Litecoin (LTC) is down 1%, EOS is down 0.7%, Binance Coin (BNB) is down 2.1%, Stellar (XLM) is down 1.9%, Cardano (ADA) is down 3.7%, Monero (XMR) is down 1.1%, Dash (DASH) is down 1.2%, Cosmos (ATOM) is down 0.1%, and IOTA (MIOTA) is down 0.6%.
A handful of major cryptocurrencies remain in the green but only have slight gains. Tron (TRX) is up 0.1%, Bitcoin SV (BSV) is up 0.8%, Tezos (XTZ) is up 0.1%, and Dogecoin (DOGE) is up 0.3%.
Bitcoin (BTC) has gained 2.6% in the past 24 hours, so relative to Bitcoin (BTC), other major cryptocurrencies are doing poorly. This has resulted in the Bitcoin (BTC) dominance percentage — the Bitcoin (BTC) market cap divided by the total crypto market cap — increasing to 56.1%. This is the highest the Bitcoin (BTC) dominance percentage has been since December, and suggests that Bitcoin (BTC) is generally leading the crypto market recovery since that time. During the worst of the bear market, the Bitcoin (BTC) dominance percentage declined to as low as 32.5%.
The total crypto market cap has gained $2 billion in the past 24 hours, rising from $185 billion to $187 billion. Since yesterday at 4 a.m., the total crypto market cap has gained $6 billion, and since the beginning of April, the total crypto market cap is up $43 billion.