Traders say the multi-year highs seen from many tokens prove that an altcoin season is at hand.
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.
“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%.