After a bearish day yesterday, the bulls have come back in force. Today’s rally was led by Binance Coin (BNB), which was up over 20 percent earlier in the day and is now up 18 percent. This has solidified Binance Coin’s (BNB) lead over Stellar (XLM) for the eighth spot on CoinMarketCap. Litecoin (LTC) is up 14 percent and has broken through $50, continuing a streak of impressive gains since the bear market low. EOS is up 15.3 percent.
Bitcoin (BTC) has climbed from $3,700 at midnight to $3,850 currently, with a modest 3.3 percent gain in the past 24 hours. It is bullish that the $3,700 support level held, preventing a move downwards to the long term support level of $3,100. There is apparent resistance at $3,900, which is the level to watch to see if this rally will continue or get stopped out. Beyond that, the long term resistance level of $4,200 is important to watch to see if Bitcoin (BTC) can go on a true bull run and exit the bear market.
All other major cryptocurrencies are well into the green today. Ethereum (ETH) is up 7.8 percent, Bitcoin Cash (BCH) is up 6.4 percent, Stellar (XLM) is up 3.1 percent, Tron (TRX) is up 5.6 percent, Bitcoin SV (BSV) is up 6.2 percent, Cardano (ADA) is up 6.3 percent, Monero (XMR) is up 4.4 percent, IOTA (MIOTA) is up 2.6 percent, Dash (DASH) is up 4.7 percent, Dogecoin (DOGE) is up 0.5 percent, and Burstcoin (BURST) is up 2.1 percent.
The total cryptocurrency market cap has gained an impressive $6 billion in the past 24 hours, rising from $126 billion to $132 billion. That being said, this is still well below the $144 billion total cryptocurrency market cap achieved before the Feb. 24 dump.
Today’s rally is a positive sign, but it will take many more rallies like this added together in order to finally declare the bear market is over.