Bitcoin bulls in the cryptocurrency community have been talking about $100,000 Bitcoin for a while now, but that price goal is starting to look a little bit more realistic after the cryptocurrency hit $57,000 in early April. Over the past two weeks, a number of investors have been predicting that the cryptocurrency will continue to rise at least through the end of 2018, and some have even predicted that the number will keep growing through the end of the year. In the altcoin world, several lesser-known cryptocurrencies also saw considerable gains during the first few weeks of April, all due to their unique advantages over Bitcoin and other major cryptocurrencies.
Bitcoin bulls made a strong comeback in the last days of April, pushing the price above $57,000 earlier today. Most altcoins were in the green, with many posting gains between 15 and 20 percent. The total cryptocurrency market capitalization now stands at $187 billion, up from $167 billion on Monday.
Bitcoin (BTC) and the entire cryptocurrency market were alive and well on the 30th. April picked up again with options worth $4.2 billion expiring that month, with no sign of controversy.
Data from Cointelegraph Markets and TradingView shows that the price of bitcoin, after falling on the 29th. April briefly dipped below the $53,000 support level, but recovered 10% mid-day and climbed back above $57,400.
4 hour chart BTC/USDT. Source: TradingView
MicroStrategy CEO Michael Saylor’s revelation of a 52% year-on-year increase in revenue should strengthen the case for keeping bitcoin on companies’ books to combat inflation and attract new investors.
Central bank digital currencies (CBDCs) are also gaining ground: The Bank of England announced plans to introduce a digital pound, and the French central bank announced it on the 29th. In April, it made headlines by clearing $100 million in Eurobonds using CBDC hosted on Ethereum (ETH).
Altcoins show considerable strength
While much of the news and analyst attention revolves around Bitcoin and Ethereum, several altcoins caught the attention of traders Friday when their prices doubled.
One of the best performers of the day was IoTeX, which rose 75% to a new high of $0.085. The blockchain project aims to solve the problems of scalability, privacy and high operational costs that limit the mass adoption of the Internet of Things (IoT) ecosystem.
Four-hour IOTX/USDT chart. Source: TradingView
Cointelegraph Markets Pro’s VORTECS™ data started on the 27th. of April, i.e. before the recent price hike, to see a bullish outlook for IOTX.
Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ score (green) versus IOTX price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS™ score began on April 26 and peaked on April 27. April, peaking at 76, before falling on the 29th. April is up to 73. It should be noted that the VORTECS™ score remained at 73 for about 10 hours before the price jumped 75% to a new all-time high of $0.0857.
The second game that has performed well in recent days and has now reached a VORTECS™ score of 95 is PARSIQ (PRQ), an analytics platform that provides advanced tools for analyzing blockchain technology across a variety of industries.
VORTECS™ score (green) versus PRQ price. Source: Cointelegraph Markets Pro
Bullish sentiment for PRQ was first observed on the 28th. April, when the VORTECS™ score reached the green zone. The next day the index remained at about the same level (67) and then rose rapidly to a high of 95 on the 30th. April, when the price of QRP went up.
A score of 95 is one of the highest scores ever recorded in the VORTECS™ system. Previous scores in the mid to high 90’s preceded further price increases, as Polygon (MATIC) showed this week.
Daily indicators for the crypto-currency market. Source: Coin360
Overall, altcoins rose, bringing the total market capitalization to $2.177 trillion, while bitcoin’s share fell to 48.8 percent.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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