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 (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.
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 (TRX) ecosystem saw a noticeable uptick in their trading volumes over the past 2 days with the gambling-focused WINk token experiencing the biggest growth as it surged 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 buying beginning on April 4 which lifted 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, 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 (WRX) token 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.
Holochain (HOT), a decentralized peer-to-peer platform for dApps, has seen its price rally 350% since the March 25 announcement that Holo Limited was granted a US patent for its rrDHT networking innovations. Since the announcement, HOT 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 on April 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.”
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.
Lilly said:
“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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