If the past weekend is any indication of the current bullish cycle in the market, an altcoin season may be underway.
Similar to previous cycles, after (BTC) increases the price significantly and enters a period of consolidation, the funds begin to migrate to high and low market capitalization altcoins.
Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in the range of $ 57,000 to $ 60,200 last week, several altcoins have experienced double-digit gains as currency listings and protocol developments have brought a new wave. of enthusiasm and trading volume for selected projects.
Tron ecosystem leads the altcoin rally
Tokens in the Tron ecosystem (TRX) have seen a noticeable increase in their trading volumes in the past 2 days, with the WINk token focused on gambling experiencing the biggest growth as it increased 325% from $ 0.00059 on April 3 to a new historical high of $ 0.0025 on April 5th.
BitTorrent (BTT) also saw an influx of purchases as of April 4, which raised the price by more than 100% from a low of $ 0.0067 to a new high of $ 0.0136 on April 5. The price of the TRX grew 48% over the same period, rising from $ 0.0997 to its current price close to $ 0.147.
It wasn’t just the Tron-based projects that caught the attention of traders over the weekend and Monday.
India-based crypto exchange WazirX has seen its native token (WRX) grow by more than 350% in the past two days, catapulting from a low of $ 1.47 to a new historical high of $ 5.88 on Monday thanks to a record 2 billion in turnover.
Holochain (HOT), a decentralized point-to-point platform for dApps, has seen its price rise 350% since March 25 announcement that Holo Limited received a patent in the United States for its rrDHT network innovations. Since the announcement, HOT has risen from $ 0.21 to $ 0.31.
A new listing on Upbit Global also caused a price increase of 150% in batteries (STX), as it went from $ 1.13 on Sunday to an intraday high of $ 2.85 in April, before profits were realized. drop the price to $ 2.20.
Bitcoin gains momentum for its next run
According to the analysis by Jarvis Labs co-founder Ben Lilly, the network’s metrics indicate a solid support base for the Bitcoin price, with the only headwinds coming as a result of the volatility in financing rates “as soon as there is any type of bomb ”.
Due to this reaction, Lilly sees a possible retest of the $ 54,000 level to “grind part of the FOMO” still found at that level, but he doesn’t see the price dropping further due to the solid on-chain support at this level.
Lilly said:
“In any case, we are preparing for a strong second half of April and beyond, especially with the gray scale effect coming into play at that time.”
At the time of this writing, BTC is trading at a price of $ 59,200 with Bitcoin’s dominance rate at 55.7%.
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