Bitcoin bulls attack $ 57,000 and altcoins pile up as April ends

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Bitcoin (BTC) and the entire cryptocurrency market came to life on April 30th when an uneventful conclusion to the $ 4.2 billion option expiration occurred that month with no signs of controversy.

Data from Cointelegraph Markets and TradingView show that after a brief dip below the $ 53,000 support level on April 29th, the price of Bitcoin rallied 10% above $ 57,400 by noon.

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BTC / USDT 4 hour chart. Source: TradingView

The revelation by MicroStrategy CEO Michael Saylor that the company saw revenue jump 52% ​​year over year will likely reinforce the argument that companies should keep Bitcoin on their balance sheets to fight inflation and attract new investors.

The central bank’s digital currencies (CBDC) are also gaining traction as the Bank of England announced it is pushing ahead with its plans to introduce a digital pound and the French central bank hit the headlines on April 29 after it struck a $ 100 million Eurobond paid with a CBDC that was hosted on the Ethereum (ETH) network.

Altcoins show significant strength

While much of the mainstream news and analyst focus has turned to 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 rose 75% to a new all-time high of $ 0.085. The blockchain project focuses on solving the problems of scalability, data protection and high operating costs that limit the mass adoption of the Internet of Things (IoT) ecosystem.

IOTX / USDT 4 hour chart. Source: TradingView

Cointelegraph Markets Pro’s VORTECS ™ data began to see an bullish outlook for IOTX on April 27 ahead of the recent price hike.

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

VORTECS ™ Score (green) vs. IOTX price. Source: Cointelegraph Markets Pro

As can be seen in the table above, the VORTECS ™ Score began to rise on April 26th, peaking at 76 on April 27th, before climbing back to 73 on April 29th. It is worth noting that the VORTECS ™ Score hit 73 approximately 10 hours before April 7th. The price rose 75% to a new all-time high of $ 0.0857.

A second coin that has performed well in the past few days and now has a VORTECS ™ score of 95 is PARSIQ (PRQ), an analytics platform that offers innovative tools for analyzing blockchain technology in a wide variety of industries.

VORTECS ™ Score (green) vs. PRQ price. Source: Cointelegraph Markets Pro

Bullishness for PRQ was first noted on April 28th when the VORTECS ™ Score hit the green zone. The score stayed near that level (67) the next day and then rose rapidly to a high of 95 on April 30 as the PRQ price rose.

A value of 95 is one of the highest values ​​ever recorded in the VORTECS ™ system, and previous cases of values ​​in the mid to high 90’s have shown that they precede further price increases, as did Polygon (MATIC) this week recently has shown.

Daily market performance in cryptocurrencies. Source: Coin360

In general, altcoins rebounded across the board, increasing total market cap to $ 2.177 trillion, while bitcoin’s dominance rate declined to 48.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.