Bitcoin and the entire crypto market went green in late April. The run-up to the expiration of the $ 4.2 billion options this month was uneventful, with no signs of disagreement.
After a brief dip below the $ 53,000 support level on April 29, Bitcoin gained 10% by noon to reclaim its previous high of $ 57,400.
BTC / USDT 4 hour chart. Source: TradingView
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Increase mainstream adoption
The announcement by Michael Saylor, CEO of MicroStrategy, that the company was seeing sales up 52% year over year, would likely bolster the event that companies should keep Bitcoin on their balance sheets to fight inflation and attract new investors.
Central bank digital currencies (CBDC) are also gaining momentum. The Bank of England announces plans to launch a digital pound, and the French central bank announced on April 29th after it paid off a $ 100 million bond through a CBDC hosted on the Ethereum network.
Altcoins continues the rally
While much of the mainstream news and analysis focused on Bitcoin and Ethereum, a handful of altcoins caught the attention of traders on Friday as their prices rose double-digit.
Bitcoin’s dominance in the crypto market is a known fact. The final price correction the altcoins overall faced was when BTC fell below the $ 50,000 price level. Since then, many altcoins have seen inspiring rebound and even hit new highs. However, the price of BTC remained well below the $ 55,000 resistance level – a move that was diametrically opposed to what many believed was the price of BTC action in April.
According to Santiment, the supremacy of BTC over altcoins like the ETH is waning. In the past few months, Ethereum has closed the gap in terms of Bitcoin’s supremacy, according to the results. Since the new ATH occurs at a time when BTC is struggling, it could indicate a minor change in how the crypto market will work in the future.
Santiment data on the activity of the Ethereum address
These key figures result in an extremely optimistic scenario for ETH in the coming month. This also proves the possibility that the altcoin will hit the coveted $ 3,000 price range in the coming weeks if it isn’t hampered by a BTC-induced market shakeout.
IoTeX jumped 75% to a new all-time high of $ 0.085 and was one of the best performers of the day. The blockchain project aims to address the issues of scalability, anonymity and high operating costs that prevent the Internet of Things (IoT) ecosystem from gaining wide acceptance.
Daily market performance in cryptocurrencies. Source: Coin360
Likewise, the BNB’s market rally after flipping XRP is not over yet. With a trade volume increase of nearly 80% in the past 24 hours, the BNB is climbing again to the $ 600 level. BNB volatility has not returned to pre-price recovery levels either. The most recent ATH of $ 637 was less than a tenth of a percent higher than its price at press time.
Across the board, altcoins rebounded, bringing total market cap to $ 2.177 trillion, while bitcoin’s dominance rate fell to 48.8%.
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Featured image from Pixabay, Charts from Tradingview.com, Coin360, Santiment.