If this past weekend was an indication of the current bull market cycle, an altcoin season could be well underway.
Similar to previous cycles, after (BTC) made a significant price run and then went into a consolidation period, funds started migrating to large and small market capitalization.
Data from Cointelegraph Markets and TradingView show that although Bitcoin traded between $ 57,000 and $ 60,200 over the past week, multiple altcoins have seen double-digit gains as stock market notations and protocol developments have brought a new wave of enthusiasm and trading volume to select projects.
Tron ecosystem leads the altcoin rally
Tokens in the Tron (TRX) ecosystem have seen a marked increase in their trading volumes over the past two days, with the gambling-oriented WINk token experiencing the biggest growth as it rose 325% from $ 0.00059 on April 3 to a new everyday high of $ 0.0025 on April 5th.
BitTorrent (BTT) also started an influx of purchases on April 4, raising the price more than 100% from a low of $ 0.0067 to a new record high of $ 0.0136 on April 5. The price of TRX grew by 48% during the same period. , climbed from $ 0.0997 to the current price near $ 0.147.
It wasn’t just Tron-based projects that caught the weekend’s and Monday’s attention.
India-based crypto exchange WazirX has grown its original (WRX) token by more than 350% over the past two days, moving from a low of $ 1.47 to a new everyday high of $ 5.88 on Monday capitulated thanks to a record 2 billion in trading volume.
Holochain (HOT), a decentralized peer-to-peer platform for dApps, has raised its price by 350% since March 25 announcement that Holo Limited granted a U.S. 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 rose on Sunday from $ 1.13 to an intraday high of $ 2.85 in April before profit-taking brought the price down to $ 2.20.
Bitcoin gains strength for next run
According to the analysis of Jarvis Labs co-founder Ben Lilly, statistics on the chain indicate a solid base of support for the price of Bitcoin, with the only headwind due to the volatility in funding rates’ once there is some sort of pump . ‘
As a result of this reaction, Lilly sees a possible retest of the $ 54,000 level to grind away some of the FOMOs still found at that level, but he does not see that the price will fall lower due to solid chain support at this level.
Lilly said:
“Either way, we are dealing with a strong later half for April and beyond, especially with the gray scale effect starting around that time.”
At the time of writing, BTC is trading at a price of $ 59,200 with the Bitcoin dominance rate at 55.7%.
The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading movement involves risk. You must do your own research when making a decision.