Bitcoin Surges to $99,000 as the Crypto Market Continues Its Strong Rally

Crypto prices continued to surge on Thursday, with Bitcoin price setting sight on the crucial resistance point at $99,000. This rally has pushed the market cap of all coins to over $3.07 trillion. Some of the top-performing cryptocurrencies were EOS, IOTA, Quant (QNT), and Bitcoin Cash (BCH).

EOS price rises as DEX volume surges ahead of rebrand

EOS token price continued its strong rally on Thursday, reaching its highest level since April 5 as it completed the transition from EOS to Vaulta. The cryptocurrency has surged by over 90% from its lowest point last month.

As DeepChain reported, this transition will be finalized on May 14th, at which point the ticker symbol will change from EOS to A with a 1:1 ratio. The developers also noted in a statement on Wednesday that there will be no tokenomics changes or fees for the token swap.

"The time has come for us to say goodbye to EOS and hello to Vaulta. As of May 14, we will be rebranding to A and rolling out our new vision for Web3 banking with a fully decentralized and interoperable blockchain network."

It seems that this transition might already be having an impact, as data from DeFi Llama shows that the chain's 24-hour volume has surged to $12 million. It has handled over $75 million in transactions, a 22% weekly increase.

The daily chart shows that the EOS price has been in a rebound in the past month, surging from a low of $0.4340 in April to $0.830 on Thursday. It has moved to the 61.8% Fibonacci retracement level, and it has remained above the 50-day and 100-day moving averages.

Therefore, the price will likely continue rising as bulls set their sights on the next psychological point at $1, which is 20% above the current level.

IOTA price surges after first liquid staking dApp

The IOTA token has also rallied in the past few weeks, moving from a low of $0.1305 in April to the current $0.21. This rebound happened after it formed a falling wedge pattern, one of the most bullish reversal signs.

IOTA/USD chart by TradingView

The IOTA price has also moved above the 50-day and 100-day moving averages, which points to more gains in the coming weeks.

The token also bounced back after developers launched the Rebased upgrade earlier this week. This upgrade brought full decentralization, smart contracts, staking, and faster transaction speeds.

Another key IOTA news is that Swirl Labs launched the first liquid staking network on IOTA on Wednesday. This service hopes to be the IOTA equivalent of Lido and Jito.

"Introducing Swirl, the premier liquid staking protocol on the IOTA mainnet. Experience seamless integration with IOTA's DeFi landscape, enabling you to contribute to securing the network while keeping your tokens perpetually active in the vibrant ecosystem."

Quant price surges after ECB partnership

Meanwhile, Quant price soared to $94 on Thursday as investors reacted to its inclusion into a group of companies working on the digital euro by the European Central Bank (ECB).

This is a major announcement since it means that its network may help in the CBDC launch in the future. Quant already partners with companies like Oracle and Hitachi.

The daily chart shows that the QNT price has been in a strong rally in the past few days, moving from $58 in April to $94 on Thursday. It has moved above the key moving averages and the Average Directional Index (ADX) has moved to 35, a sign that it has the momentum. Therefore, it will likely keep soaring to $100.

Bitcoin Cash price approaches $500

At the same time, the Bitcoin Cash price soared from $250 to $485, reaching its highest point since January 17. It formed an inverse head and shoulders pattern, a popular bullish continuation sign. Also, the Average Directional Index (ADX) has jumped to 40, a sign that bulls are in control.

The rally is likely because of the rising hopes that a company will file for a spot Bitcoin Cash ETF approval. Such a fund would have an easier path of approval since it is a proof-of-work coin like Bitcoin. As such, the agency will never view it as a financial security, making it easier to approve.