Skip to main content

Bitcoin Breaks Above $57,000 As April Ends, Altcoins Continue To Rally

Bitcoin and the whole crypto market turned green at the close of April. The run-up to this month’s $4.2 billion options expiry was uneventful, with no signs of dissent.

After a brief fall below the $53,000 support level on April 29, Bitcoin rallied 10% by midday to reclaim its previous high of $57,400.

tradingview btc
BTC/USDT 4-hour chart. Source: TradingView

Related article | Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Mainstream Acceptance Increase

MicroStrategy CEO Michael Saylor’s announcement that the company saw a 52% increase in sales relative to the same quarter last year would likely bolster the case that businesses should keep Bitcoin on their balance sheet to fight inflation and attract new investors.

Central bank digital currencies (CBDC) are also gaining momentum, with the Bank of England announcing plans to introduce a digital pound, and the French central bank making news on April 29 after settling a $100 million Euro bond using a CBDC hosted on the Ethereum network.

Altcoins Continues To Rally

While much of the mainstream news and analysis has been focused on Bitcoin and Ethereum, a handful of altcoins drew traders’ attention on Friday as their prices rose by double digits.

Bitcoin’s dominance in the crypto-market is a well-known fact. The last price correction the altcoins collectively faced was when BTC dropped below the $50k price level. Since then, while many altcoins were able to pull off an inspiring recovery and even go on to achieve new highs, BTC’s price has continued to languish well below the $55k-resistance level – a move diametrically opposed to what many believed would be BTC’s price action in April.

According to data provided by Santiment, BTC’s supremacy over altcoins such as ETH is dwindling. Over the last few months, Ethereum has closed the gap on Bitcoin’s supremacy, according to the results. With its new ATH occurring at a time when BTC has been struggling, it could indicate a small change in how the crypto-market will likely work in the future.

santiment
Santiment data on ethereum address activity

These metrics add up to articulate an extremely bullish scenario for ETH in the coming month. This also substantiates the possibility of the altcoin hitting the coveted $3,000 price range in the coming weeks if unhindered by a BTC-induced market shakeup.

IoTeX jumped 75% to a new all-time high of $0.085, 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 are preventing the Internet of Things (IoT) ecosystem from gaining widespread acceptance.

Daily cryptocurrency market performance. Source: Coin360

Similarly, BNB’s market rally isn’t over yet after flipping XRP. With trade volume up nearly 80% in the last 24 hours, BNB is rallying to the $600-level once more. BNB’s volatility has also not returned to pre-price rally levels. The most recent ATH of $637 was less than a tenth of a percent higher than the price at press time.

Across the board, altcoins rallied, bringing the overall market capitalization to $2.177 trillion, while Bitcoin’s supremacy rate fell to 48.8%.

Related article | How This Bitcoin Pegged Token Could Protect Holders From Volatility

Featured image from Pixabay, Charts from Tradingview.com, Coin360, Santiment.


from NewsBTC https://ift.tt/3nGkLkH
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more