Bitcoin Bulls Re-Capture $57,000, while Altcoins Rally
Bitcoin (BTC) and the enitre crypto market bounced back on April 30 as an unexciting end to April’s $4.20 billion options expiry happened without any hints of problems.
Data provided by CoinGecko.com indicates that for a brief period of time the numero uno crypto declined below the level of $53,000 on April 29, before rebounding by 10% to over $57,400.
The disclosure by MicroStrategy CEO Michael Saylor that the enterprise recorded a 52% jump in revenue compared with the similar quarter last year will cement the dispute that institutions should possess Bitcoin in their treasury (balance sheet) in order to battle inflation and also lure fresh investors.
Interestingly, Central Bank Digital Currencies (CBDC) are gaining momentum as the Bank of England disclosed that it is going forward with its plan to roll out a digital pound, while the central bank of France hogged headlines on April 29 after finishing a $100 million Euro bond utilizing a CBDC hosted on Ethereum (ETH) blockchain network.
Even though a major portion of mainstream media and analysts is focusing on Bitcoin (BTC) and Ethereum (ETH), a bouquet of altcoins gained traders’ attention as their prices recorded gains of over 10%.
The crypto token which recorded the best performance was IoTeX, which gained 75% to trade at a fresh all-time peak of $0.085. The blockchain venture is centered on addressing the problems of scalability, large operating costs and privacy, which are prohibiting the mass adoption of the IoT (Internet of Things) system.
Vortecs indicator, owned by Cointelegraph Markets Pro, started detecting a bullish outlook for IOTX on April, before the price rally began.
The Vortecs Score is basically a graphical display of algo based comparison of past and prevailing market scenario obtained from a host of data points including trading volume, market sentiment, latest price movements and Twitter activity.
The Vortecs Score started to rise on April 26 and hit a peak of 76 on April 27 before surging once again to 73 on April 29. Interestingly, the Vortecs Score reached 73, about 10 hours earlier to the 75% price surge that took the token to a new all-time peak of $0.0857.
The next coin that has performed well in the last couple of days and currently has a Vortecs Score of 95 is PARSIQ (PRQ), a data analytics platform that provides state-of-the-art tools for the study of blockchain technology implementation in a range of industries.
The bullish signal for PRQ was initially identified on April 28 when the Vortecs Score hit the green zone. The reading remained around the level of 67 for the next day and then quickly surged to a high of 95 on April 30 as PRG gained in value.
Notably, very rarely Vortecs System records a reading of 95, and earlier scenarios where scores were in mid-to high-90’s have resulted in another round of price rally, as recorded by Polygon (MATIC) earlier this week. In general, altcoins gained across the board, increasing the aggregate market cap to $2.177 trillion while Bitcoin’s dominance rate plunged to 48.8%.