Bitcoin breaks above USD 57,000 at the end of April, Altcoins continue to rally


Bitcoin and the entire crypto market went green at the end of April. The run-up to the expiration of $ 4.2 billion options this month was uneventful and there were no signs of dissent.

After a brief decline below the USD 53,000 support level on April 29, Bitcoin was up 10% by noon to reclaim its previous high of USD 57,400.

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BTC / USDT 4-hour chart. Source: TradingView

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Increase in general acceptance

MicroStrategy CEO Michael Saylor’s announcement that the company saw a 52% increase in revenue from the same quarter last year would likely reinforce the argument that companies should keep Bitcoin on their balance sheets to fight inflation and attract new investors.

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

Altcoins continues to accumulate

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 soared double digits.

Bitcoin’s dominance in the crypto market is a known fact. The last price correction the altcoins jointly faced was when BTC fell below the $ 50k price level. Since then, while many altcoins were able to make an inspiring recovery and even hit new highs, the price of BTC has continued to languish well below the $ 55k resistance level – a move that is diametrically opposed to what many thought was the price of BTC. would be. action in April.

According to data from Santiment, BTC’s supremacy over altcoins such as ETH is declining. According to the results, Ethereum has closed the hole in Bitcoin’s supremacy in recent months. With its new ATH taking place at a time when BTC is struggling, this could indicate a small change in how the crypto market is likely to operate in the future.

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Santiment data on ethereum address activity

These statistics add up to an extremely bullish scenario for ETH in the coming month. This also substantiates the possibility that the altcoin will reach the coveted $ 3,000 price range in the coming weeks if not hampered by a BTC-induced market shake.

IoTeX jumped 75% to a new all-time high of $ 0.085, was one of the top 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 adoption.

Daily cryptocurrency market performance. Source: Coin360

Likewise, BNB’s market rally isn’t over after XRP’s flip. With trading volume close to 80% in the past 24 hours, BNB is once again climbing towards the $ 600 level. BNB’s volatility has also not returned to pre-price levels. The most recent $ 637 ATH was less than a tenth of a percent higher than the price at the time of the press.

Across the board, altcoins rebounded, bringing the total market cap to $ 2.177 trillion while Bitcoin’s supremacy rate fell to 48.8%.

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

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