Yesterday evening, Bitcoin (BTC) was trading near $5,100 on Bitstamp. Overnight, the price of Bitcoin (BTC) steadily rose to $5,150 and then quickly rose during the morning to as high as $5,275. Currently Bitcoin (BTC) is trading near $5,240, a 2.7% gain in the past 24 hours.
This is the most positive day for Bitcoin (BTC) since the crash on Thursday caused by the New York Attorney General’s Office lawsuit against Bitfinex and Tether (USDT). Bitcoin (BTC) had generally been trading between resistance at $5,200 and support at $5,100 during the past several days, but today, the $5,200 resistance broke. It appears resistance has shifted upwards to $5,300 with support at $5,200.
Most other major cryptocurrencies have reacted positively to Bitcoin’s (BTC) price increase today. Ethereum (ETH) is up 2.7%, Ripple (XRP) is up 5.3%, Bitcoin Cash (BCH) is up 6%, Litecoin (LTC) is up 7.8%, EOS is up 3.9%, Binance Coin (BNB) is up 1.5%, Stellar (XLM) is up 2.4%, Cardano (ADA) is up 3.9%, Tron (TRX) is up 3.4%, Monero (XMR) is up 0.5%, Dash (DASH) is up 2.8%, Bitcoin SV (BSV) is up 0.6%, Tezos (XTZ) is up 4.3%, and Dogecoin (DOGE) is up 1.3%.
The only major cryptocurrency that is down today is IOTA (MIOTA) with a 2.6% loss. Yesterday IOTA (MIOTA) rallied 18% due to a partnership with Jaguar, so today’s losses are not bearish sentiment, just stabilization of yesterday’s rally.
The total crypto market cap has gained $5 billion since yesterday evening, rising from $167.5 billion to $172.5 billion. This is still below the $179 billion total crypto market cap on Thursday before the Bitfinex/Tether (USDT) lawsuit news, and below the 2019 total crypto market cap high of $186 billion on April 10.
The total crypto market cap is currently 72% above the bear market low of $100 billion in December, showing the significant progress the crypto market has made. The trend for the month of May is still not confirmed, but today’s trading activity raises the possibility that May could be another bullish month despite the negativity surrounding the Bitfinex/Tether (USDT) lawsuit.