If last weekend was an indication of the current beef market cycle, then the altcoin season might be in full swing.
As in previous cycles, after Bitcoin (BTC) rose in value and then entered the consolidation period, funds begin to move into large and small altcoins in the market.
4-hour chart WRX / USDT, WIN / USDT, BTT / USDT, STX / USDT, HOT / USDT. Source: TradingView
Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in the $ 57,000 to $ 60,200 range over the past week, many cryptocurrencies saw double-digit gains as stock market listings and protocol development unleashed a new wave of enthusiasm and trading volume for project selection.
The Tron Ecosystem leads the Altcoin Rally
Trade volume token in the Tron ecosystem soared in the past two days, with gambling-focused token Wink making the biggest gains, rising 325% from $ 0.00059 on Saturday to $ 0.0025 new full-time on Monday. … …
BitTorrent (BTT) also saw an influx of purchases starting Sunday, pushing the price by more than 100% from the low of $ 0.0067 to a new full-time high of $ 0.0136 on Monday. Tron’s price (TRX) is up 48% over the same period, rising from $ 0.0997 to the current price of around $ 0.147.
It wasn’t the Tron-led projects that caught the attention of traders over the weekend and Monday.
India’s cryptocurrency exchange WazirX has seen over 350% growth in its token (WRX) in the past two days, jumping from $ 1.47 to an all-time high of $ 5.88 on Monday thanks to a record $ 2 billion on Monday. Volume.
Holochain (HOT), a decentralized peer-to-peer platform for decentralized applications, has seen a price rise of 350% since announcing on March 25 that Holo Limited obtained a US patent for creating its rrDHT network. Since the announcement, HOT stock has jumped from $ 0.21 to $ 0.31.
The new listing on Upbit Global also led to a 150% rise in price for Stacks (STX) as it rose from $ 1.13 on Sunday to an intraday high of $ 2.85 before dipping to $ 2.20.
Bitcoin is gaining traction for its next start
According to an analysis by Ben Lili, co-founder of Jarvis Labs, online measurements show a strong foundation to support the price of Bitcoin, with the only hurdles to come from fluctuating funding ratio “once the pump comes up”. ”
Because of this reaction, Lilly sees the possibility of revisiting the $ 54,000 level to “remove some FOMO” that is still there, but he does not see the price dropping due to the strong support at this level in the chain. . …
“In any case, we are preparing for a stronger second half from April onwards, especially with the effect of gray at this time.”
At the time of writing, BTC is trading at $ 59,200, with Bitcoin’s dominance rate of 55.7%.