From last night through the morning, Bitcoin (BTC) rose from $3,830 to $4,020. The price of Bitcoin (BTC) has now dropped back to $3,900, however. In general, the price of Bitcoin (BTC) has been quite volatile over the past day.
All major cryptocurrencies are up today besides Bitcoin SV (BSV), which is down 1.1 percent and Dogecoin (DOGE) which is down 1.4 percent.
Ethereum (ETH) is up 0.8 percent. Ripple (XRP) is up 1.8 percent. EOS is up 4.4 percent. Litecoin (LTC) is up 0.8 percent. Bitcoin Cash (BCH) is up 1.1 percent. Tron (TRX) is up 0.4 percent. Cardano (ADA) is up 2.9 percent. Monero (XMR) is up 2.5 percent. IOTA (MIOTA) is up 1.1 percent, and Dash (DASH) is up 2.3 percent.
The big winners of today are Stellar (XLM) which is up 8.1 percent and Binance Coin (BNB) which is up 9.5 percent.
Binance Coin (BNB) is likely rallying due to the launch of the Binance DEX testnet tomorrow. The Binance DEX runs on the Binance Chain, and Binance Coin (BNB) will be the only way to pay for transaction fees on the Binance Chain. Therefore, investors may be buying up Binance Coin (BNB) on speculation that the Binance DEX will be popular.
The total crypto market cap rallied from $131 billion 24 hours ago to as high as $136 billion this morning, but it has now dropped back to $134 billion. This follows the general trend of cryptos rallying in the morning and then dropping the rest of the day.
Even though the total crypto market cap is now well above the bear market low of $100 billion, it is still too soon to say the bottom is in. Bitcoin (BTC) will have to rally several more times before it can be said that the bear market is ending. At this point, it would only take a few bad days to bring the market back down to the lows seen in mid-December.
That being said, Bitcoin (BTC) and other cryptocurrencies gaining two days in a row is an optimistic sign.