If this past weekend is any indication of the current bull market cycle, then a new altcoin season may be a reality.
As in previous cycles, after the price of Bitcoin (BTC) registers a significant increase and subsequently enters a period of consolidation, the funds begin to migrate to the large and small market capitalization altcoins.
Data from Cointelegraph Markets and TradingView show that while Bitcoin fluctuated in the range between $ 57,000 and $ 60,200 over the past week, several altcoins posted double-digit gains as exchange listings and protocol developments brought a new wave of excitement and trade volume for various projects.
Tron ecosystem leads altcoin rally
The tokens in the Tron (TRX) ecosystem saw a notable increase in their trading volumes in the last 2 days and The gambling-focused token WINk posted the most growth, rising 325% from $ 0.00059 on April 3 to a new all-time high of $ 0.0025 on April 5.
BitTorrent (BTT) also saw an influx of purchases starting on April 4, pushing the price up more than 100% from a low of $ 0.0067 to a new high of $ 0.0136 on April 5. The price of TRX increased 48% during the same period, rising from $ 0.0997 to its current price near $ 0.147.
It wasn’t just the Tron-based projects that caught the traders’ attention over the weekend and on Monday.
India-based cryptocurrency exchange WazirX saw its native token (WRX) grow by over 350% in the past two days, catapulting its price from a low of $ 1.47 to a new peak of $ 5.88. Monday thanks to a record trade volume of $ 2 billion.
Holochain (HOT), a decentralized peer-to-peer platform focused on dApps, saw its price rise 350% from the advertisement On March 25, Holo Limited received a US patent for its rrDHT network innovations. Since the announcement, HOT has risen from $ 0.21 to $ 0.31.
The arrival at Upbit Global also caused a 150% rally in the price of Stacks (STX), as it went from USD 1.13 on Sunday to an intraday high of USD 2.85 on April 5. before profit taking pushed the price back to $ 2.20.
Bitcoin builds strength for the next leg of its upside run
According to the Jarvis Labs co-founder’s analysis, Ben Lilly, the on-chain metrics indicate a solid base of support for the price of Bitcoin with the only headwinds resulting from volatility in funding rates “as soon as there is some kind of pump.”
Due to this reaction, Lilly sees a possible retest of the $ 54,000 level to “remove some of the FOMO” that is still at that level, but he doesn’t see the price going down any further due to strong on-chain support at that level.
“Either way, we are preparing for a strong second half of April and onwards, especially with the Grayscale effect in that period.”
At the time of writing, BTC is trading at a price of $ 59,200 and Bitcoin’s dominance rate is 55.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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