If the past weekend indicates the current bull market cycle, then the altcoin season may be in progress.
Similar to the previous cycle, after the (BTC) price rose sharply and then entered the consolidation period, funds began to migrate to altcoins of large and small market capitalization.
Data from Cointelegraph Markets and TradingView show that although the trading price of Bitcoin in the past week was between US$57,000 and US$60,200, the development of exchange lists and agreements has brought a new wave of enthusiasm and trading volume to selected projects. , A variety of altcoins have achieved double-digit gains.
Tron ecosystem leads the altcoin rally
The tokens in the Tron (TRX) ecosystem have seen a significant increase in transaction volume in the past two days. The gambling-centric WINk token has experienced the largest growth, surging 325% from $0.00059 on April 3 to reach history new highs. It was $0.0025 on April 5th.
BitTorrent (BTT) also began to pour in purchases from April 4, which caused the price to rise from the April 5 low of $0.0067 to a record high of $0.0136, an increase of more than 100%. The price of TRX increased by 48% during the same period, climbing from $0.0997 to the current level of around $0.147.
On weekends and Mondays, it wasn’t just Tron-based projects that caught the attention of traders.
India-based cryptocurrency exchange WazirX has seen its native (WRX) token grow by more than 350% in the past two days, soaring from Monday’s low of $1.47 to a record high of $5.88, thanks to a record US$2 billion. Trading volume.
Since it was announced on March 25 that Holo Limited had obtained a US patent for its rrDHT network innovation, Holochain (HOT) is a decentralized dApp peer-to-peer platform whose price has risen 350%. Since the announcement, HOT has risen from $0.21 to $0.31.
Upbit Global’s new listing also triggered a 150% increase in the price of Stacks (STX) as it rose from Sunday’s $1.13 to April’s intraday high of $2.85, followed by profit taking and the price fell to $2.20.
Bitcoin gathers power for the next rise
According to the analysis by Ben Lilly, co-founder of Jarvis Labs, on-chain indicators show a solid foundation of support for Bitcoin prices, and the only resistance comes from fluctuations in financing interest rates “once there is any form of rise”.
Because of this reaction, Eli Lilly believes that it is possible to retest the $54,000 level to “wear off some FOMOs still found at this level”, but he believes that due to the solid on-chain support at this level, he believes the price Will not fall again.
Eli Lilly said:
“Either way, we will set it to a strong second half of the year in April and beyond, especially when the grayscale effect starts to appear around that time.”
At the time of writing, BTC is trading at $59,200, with Bitcoin dominance rate of 55.7%.
The views and opinions expressed here are only those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, so you should conduct your own research when making a decision.