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

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Altcoins moved toward new highs and Bitcoin price rallied above $57,000 shortly after today’s uneventful $4.2 billion monthly options expiry.

Bitcoin (bit-cointalk.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/bitcoin-price-index/amp”>BTC) and the overall cryptocurrency market sprang to life on April 30 as an uneventful close to this month’s bit-cointalk.com/news/bitcoin-hits-57k-in-surprise-surge-to-almost-erase-april-btc-price-crash” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/bitcoin-hits-57k-in-surprise-surge-to-almost-erase-april-btc-price-crash/amp”>$4.2 billion options expiry occurred without any signs of controversy. 

Data from bit-cointalk.com/markets”>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.

BTC/USDT 4-hour chart. Source: TradingView

The revelation from MicroStrategy CEO Michael Saylor that the company saw a bit-cointalk.com/news/microstrategy-sees-up-to-52-revenue-surge-as-saylor-confirms-more-bitcoin-buys-ahead” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/microstrategy-sees-up-to-52-revenue-surge-as-saylor-confirms-more-bitcoin-buys-ahead/amp”>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 bit-cointalk.com/news/england-s-central-bank-moves-ahead-with-cbdc-with-7-job-postings” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/england-s-central-bank-moves-ahead-with-cbdc-with-7-job-postings/amp”>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 bit-cointalk.com/news/100m-euro-digital-bond-was-a-cbdc-test-says-banque-de-france” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/100m-euro-digital-bond-was-a-cbdc-test-says-banque-de-france/amp”>using a CBDC that was hosted on the Ethereum (bit-cointalk.com/ethereum-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/ethereum-price-index/amp”>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.

IOTX/USDT 4-hour chart. Source: TradingView

VORTECS™ data from bit-cointalk.com/?via=markets”>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.

VORTECS™ Score (green) vs. IOTX price. Source: bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro

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.

VORTECS™ Score (green) vs. PRQ price. Source: bit-cointalk.com/?via=markets”>Cointelegraph Markets Pro

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 bit-cointalk.com/news/quickswap-quick-gains-420-as-polygon-s-matic-l2-network-attracts-new-liquidity” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/bit-cointalk.com/news/quickswap-quick-gains-420-as-polygon-s-matic-l2-network-attracts-new-liquidity/amp”>demonstrated by Polygon (MATIC) this week.

Daily cryptocurrency market performance. Source: Coin360

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 bit-cointalk.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.