Altcoins makes three-digit gains as Bitcoin price reaches $ 60,000


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 Bitcoin (BTC) significantly increases the price and enters a period of consolidation, the funds begin to migrate to high and low market capitalization altcoins.

WRX / USDT, WIN / USDT, BTT / USDT, STX / USDT and HOT / USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView show that, while Bitcoin traded in a range between $ 57,000 and $ 60,200 last week, several altcoins have experienced double-digit gains as exchange listings and protocol developments have brought a new wave of enthusiasm and volume negotiation for selected projects.

Tron ecosystem leads the altcoin rally

Tokens in the Tron ecosystem have seen a noticeable increase in their trading volumes in the past two days, with the Wink token focused on gambling experiencing the biggest growth as it rose 325% from $ 0.00059 on Saturday to a new record high. $ 0.0025 on Monday.

4-hour WIN / USDT chart. Source: TradingView

BitTorrent (BTT) also saw a buying entry starting on Sunday, which raised the price by more than 100% from a low of $ 0.0067 to a new high of $ 0.0136 on Monday. The price of Tron (TRX) grew 48% over the same period, from $ 0.0997 to its current price of around $ 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 historic high at $ 5.88 on Monday thanks to a record $ 2 billion in turnover.

4-hour WRX / USDT chart. Source: TradingView

Holochain (HOT), a decentralized point-to-point platform for decentralized applications, has seen its price rise 350% since the announcement of March 25 that Holo Limited received a US patent 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 150% rise in the price of Stacks (STX), as it went from $ 1.13 on Sunday to an intraday high of $ 2.85, before profits were realized. take 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 pump ”.

4-hour BTC / USDT chart. Source: TradingView

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 does not see the price drop further due to 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 effect of Grayscale coming into play at that time.”

At the time of this writing, BTC was trading at a price of $ 59,200, with Bitcoin’s dominance rate at 55.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you must conduct your own research when making a decision.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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