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.
As seen in the chart above, the VORTECS
A second coin that has been performing well over the past couple of days and is now registering a VORTECS
Bullishness for PRQ was first detected on April 28 when the VORTECS
A score of 95 is one of the highest scores ever registered on the VORTECS
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.