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.
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.
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.
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 ”.
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.
“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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