Bitcoin bulls attack $57,000 and altcoins rally as April comes to a close

Published at: April 30, 2021

Bitcoin (BTC) and the overall cryptocurrency market sprang to life on April 30 as an uneventful close to this month's $4.2 billion options expiry occurred without any signs of controversy. 

Data from Cointelegraph Markets and TradingView shows that after a brief dip below the $53,000 support level on April 29, the price of Bitcoin staged a 10% rally back above $57,400 by midday.

The revelation from MicroStrategy CEO Michael Saylor that the company saw a 52% surge in revenue compared to the same quarter last year will likely strengthen the argument that organizations should hold Bitcoin on their balance sheet as a way to combat inflation as well as attract new investors.

Central bank digital currencies (CBDC) are also gaining traction as the Bank of England revealed that it is moving ahead with plans to launch a digital pound and the central bank of France made headlines on April 29 after settled a $100 million Euro bond using a CBDC that was hosted on the Ethereum (ETH) network.

Altcoins show significant strength

While much of the mainstream news and focus from analysts revolves around Bitcoin and Ethereum, a handful of altcoins caught the attention of traders on Friday as their prices saw double-digit gains

One of the strongest performers of the day was IoTeX which surged 75% to a new all-time high at $0.085. The blockchain project is focused on solving the issues of scalability, privacy and high operating costs which are limiting the mass adoption of the Internet of Things (IoT) ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOTX on April 27, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score began to climb on April 26 and reached a high of 76 on April 27 before spiking to 73 again on April 29. It's worth noting that the VORTECS™ Score hit 73  roughly 10 hours before the price spiked 75% to a new all-time high at $0.0857.

A second coin that has been performing well over the past couple of days and is now registering a VORTECS™ Score of 95 is PARSIQ (PRQ), an analytics platform that offers cutting-edge tools for the analysis of blockchain technology across a variety of industries.

Bullishness for PRQ was first detected on April 28 when the VORTECS™ Score reached the green zone. The score stayed near that level (67) over the next day and then rapidly climbed to a high of 95 on April 30 as the price of PRQ rallied higher.

A score of 95 is one of the highest scores ever registered on the VORTECS™ system, and previous instances of scores in the mid to high 90’s have been shown to precede further price appreciation, as was recently demonstrated by Polygon (MATIC) this week.

Generally, altcoins rallied across the board, boosting the total market capitalization to $2.177 trillion while Bitcoin's dominance rate slipped to 48.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags
Blockchain
Bitcoin
Bitcoin Price
Markets
Altcoin Watch
Altcoin
Market Update
Cryptocurrencies
Internet Of Things
Related Posts
Near Protocol, Algorand and PowerPool rebound while Bitcoin consolidates
The wider cryptocurrency market appears to be in the early stages of a recovery with many altcoins regaining their footing after correcting by 20% to 30% on Sept. 7 when Bitcoin (BTC) fell below $43,000. Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were NEAR Protocol (NEAR), Algorand (ALGO) and PowerPool (CVP). NEAR Protocol gains 64% The top gainer NEAR Protocol is a decentralized proof-of-stake protocol focused on offering faster transaction speeds at a lower cost to help facilitate the adoption of blockchain technology. Data from Cointelegraph Markets Pro and TradingView …
Bitcoin / Sept. 8, 2021
Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway. Similar to previous cycles, after Bitcoin (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins. Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects. Tron ecosystem leads the …
Blockchain / April 6, 2021
Bitcoin bulls 'hold back' as BTC’s monthly futures expiry approaches
Bitcoin (BTC) briefly reclaimed the $60,000 level on March 18 as concerns over the strength of the equities market mounte due to rising U.S. Treasury yields. Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin began increasing in the late-night trading hours on March 17, and it briefly crossed above $60,150 before meeting overhead resistance. According to Ben Lilly, an analyst and co-founder of Jarvis Labs, momentum from stablecoin issuance has translated into good price action for BTC over the past two days. This is in contrast to the stop-and-go action in new issuance seen earlier in …
Blockchain / March 18, 2021
Altcoins spike to new highs while Bitcoin bulls aim to recapture $57K
Bitcoin (BTC) price continues to recover from its sub-$55,000 correction and at the time of writing, traders are attempting to recapture the $57,000 level as a support. Data from Cointelegraph Markets and TradingView shows that a wave of early morning selling pushed Bitcoin price to a daily low of $53,167 and while dip buyers did manage to step in, the lack of purchasing volume is keeping BTC pinned in what appears to be a tightening range. While Bitcoin price could continue to meet overhead resistance in the $56,000 to $58,000 range, a strong bullish case still exists as a potential …
Blockchain / March 16, 2021
20% drop in the S&P 500 puts stocks in a bear market, Bitcoin and altcoins follow
Whoever coined the phrase “sell in May and go away” had brilliant insight, and the performance of crypto and stock markets over the past three weeks has shown that the expression still rings true. May 20 has seen a pan selloff across all asset classes, leaving traders with few options to escape the carnage as inflation concerns and rising interest rates continue to dominate the headlines. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) taking on water below $29,000, and traders worry that losing this level will ensure a visit to the low $20,000s …
Bitcoin / May 20, 2022