If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway.
Similar to previous cycles, after Bitcoin (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins.
WRX/USDT, WIN/USDT, BTT/USDT, STX/USDT and HOT/USDT 4-hour chart. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects.
Tron ecosystem leads the altcoin rally
Tokens in the Tron ecosystem saw a noticeable uptick in their trading volumes over the past two days, with the gambling-focused Wink token experiencing the biggest growth as it surged 325% from $0.00059 on Saturday to a new all-time high of $0.0025 on Monday.
WIN/USDT 4-hour chart. Source: TradingView
BitTorrent (BTT) also saw an influx of buying beginning on Sunday that lifted the price more than 100% from a low of $0.0067 to a new record high of $0.0136 on Monday. The price of Tron (TRX) grew by 48% during the same period, climbing from $0.0997 to its current price near $0.147.
It wasn’t just Tron-based projects that caught traders’ attention over the weekend and on Monday.
The India-based crypto exchange WazirX saw its native token (WRX) grow by more than 350% over the past two days, catapulting from a low of $1.47 to a new all-time high of $5.88 on Monday thanks to a record $2 billion in trading volume.
WRX/USDT 4-hour chart. Source: TradingView
Holochain (HOT), a decentralized peer-to-peer platform for decentralized applications, has seen its price rally 350% since the March 25 announcement that Holo Limited was granted a U.S. patent for its rrDHT networking innovations. Since the announcement, HOT has rallied from $0.21 to $0.31.
A new listing on Upbit Global also sparked a 150% rally in the price of Stacks (STX) as it moved from $1.13 on Sunday to an intraday high of $2.85 before profit-taking dropped the price down to $2.20.
Bitcoin gathers strength for its next run-up
According to analysis from Jarvis Labs co-founder Ben Lilly, on-chain metrics indicate a solid base of support for Bitcoin’s price, with the only headwinds coming as a result of volatility in funding rates “as soon as there is any sort of pump.”
BTC/USDT 4-hour chart. Source: TradingView
Due to this reaction, Lilly sees a possible retest of the $54,000 level to “grind away some of the FOMO” still found at that level, but he doesn’t see the price dropping any lower due to solid on-chain support at this level.
“Either way, we are setting up for a strong later half for April and beyond especially with the Grayscale Effect kicking in 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%.
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Title: Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
Sourced From: cointelegraph.com/news/altcoins-notch-triple-digit-gains-as-bitcoin-price-pushes-toward-60k
Published Date: Tue, 06 Apr 2021 01:58:15 +0100