Bitcoin Broke $57K Level As Other Altcoins Continue To Rally

Bitcoin broke $57K level as April ended while other altcoins continued to rally so let’s have a look at today’s latest bitcoin news.

Bitcoin and the rest of the crypto market turned green at the end of April. The run-up to this month’s $4.2 billion options expiry showed no signs of dissent. After a brief fall below the $53L support on April 29, BTC rallied 10% by midday to reclaim the high of $57,400. Bitcoin broke $57K level after Microstrategy CEO Michael Saylor announced that the company saw 52% increase in sales that were relative to the same quarter last year and will likely bolster the case that businesses will keep BTC on their balance sheet to fight the inflation and to attract new investors.

The central bank digital currencies are gaining momentum as well with the Bank of England announcing more plans to introduce a digital pound as well as the French central bank making news after it settled a $100 million Euro bond using CBDC hosted on the ETH network. While much of the mainstream news was focused on BTC and ETH, a handful of altcoins drew the traders’ attention on Friday as their prices increased by double digits.

The last price correction that the altcoins faced was when BTC Dropped below the $50K level and since then, many altcoins were able to pull off the recovery and to go achieve new highs. BTC continued to lag behind below the $55K resistance level and it was a diametrically opposed view to what many believed will be BTC’s price action in April. According to the data by Santiemnt, BTC’s supremacy over altcoins like ETH started dwindling. Over the past few months, ETH closed the gap on the BTC supremacy as it reached an ATH while BTC was struggling. This could indicate a small change in how the market is going to work in the future.

The metrics add up to show an extremely bullish scenario for the ETH in the next few months. This also shows there’s a possibility of the altcoin to hit $3000 in the coming weeks if unhindered by the BTC-induced market shakeup. IoTeX jumped by 75% to a new ATH with the blockchain project aiming to address issues of anonymity, scalability, and high operating costs.

BNB’s market rally also hasn’t finished yet after flipping XRP. With a trading volume of nearly 80% in the last 24hours, BNB rallied to $600 and its volatility hasn’t returned to pre-price rally levels.