Today Bitcoin (BTC) experienced a much-needed rally, rising from $3,550 yesterday afternoon to as high as $3,920 around noontime. Currently, Bitcoin (BTC) is at $3,850, a 7 percent increase in the past 24 hours.

Bitcoin (BTC) is still below the 2019 high of $4,100 reached in early January, and this is perhaps an important level to watch. If Bitcoin (BTC) breaks past $4,100, it may be a sign of a real rally.

The long term support level continues to be near $3,100, but now Bitcoin (BTC) has increased significantly above this level, breaking the previous trend of a slow decline towards $3,100.

Numerous cryptocurrencies are up over 10 percent in the past 24 hours, including Ethereum (ETH), which is up 10 percent; EOS, which is up 21.6 percent; Litecoin (LTC), which is up 10.1 percent; Bitcoin Cash (BCH), which is up 16.2 percent; Bitcoin SV (BSV), which is up 10.1 percent; and Cardano (ADA), which is up 11.9 percent.

All other major cryptocurrencies are running with the bulls today as well. Ripple (XRP) is up 6.6 percent. Tron (TRX) is up 5.3 percent. Stellar (XLM) is up 5.8 percent. Binance Coin (BNB) is up 5.6 percent. Monero (XMR) is up 8.9 percent. IOTA (MIOTA) is up 9.1 percent. Dash (DASH) is up 8.7 percent, and Dogecoin (DOGE) is up 6 percent.

Ethereum (ETH) is now firmly the number two cryptocurrency on CoinMarketCap, with a $2 billion lead over Ripple (XRP). In recent months Ripple (XRP) has taken the number 2 spot several times.

The total crypto market cap has rallied from $121 billion yesterday to as high as $133 billion this afternoon and has now leveled off at $132 billion. This is an $11 billion gain and puts the total crypto market cap about 30 percent above the bear market low of $100 billion reached in mid-December.

If Bitcoin (BTC) and the rest of the crypto space can string together some more rallies like this, then perhaps the minimum bear market prices hit in mid-December can be called the bottom. However, it is still too soon to call the bottom.