Based on the market trends from this last weekend, an altcoin season is well underway. Just like previous bull market cycles, after Bitcoin makes a significant run-up in price and reenters a consolidation period, funds start going to large and small market cap altcoins.
Data from TradingView indicates that Bitcoin traded in the range of $57,000 and $60,200 over the past week and that many altcoins experienced double-digit gains. At the same time, exchange listings and protocol developments introduced a new trend of eagerness and trading volume for certain projects.
On Monday, Tron’s price experienced a 325% surge from $0.00059 on Saturday to $0.0025. The tokens in the Tron ecosystem had an increase in trading volumes over the past two days, with the gambling-focused token experiencing this noticeable increase.
BitTorrent (BTT) also experienced an increase in buying starting Sunday, which led to the price of the token increasing by more than 100% from a low of $0.0067 to the new record high of $0.0136 on Monday. During this same period, the price of Tron also grew by 48%, from $0.0997 to its current price near $0.147.
Although many Tron-based projects experienced a surge, other projects also caught traders’ attention over the weekend and on Monday.
For example, an Indian-based crypto exchange known as WazirX saw its native token (WZR) grow more than 350% over the past two days. The price of the token was originally $1.47 and was able to achieve a new all-time high of $5.88 on Monday. This is attributed to a record $2 billion in trading volume over this period.
Holochain (HOT) a decentralized peer-to-peer platform for decentralized applications has also experienced a 350% surge in price after its March 25 statement that Holo Limited would grant a U.S. patent for rrDHT networking innovations within Holochain. Since this statement, HOT has gained from $0.21 to $0.31.
📣In a big step forward for the P2P web, Holo Limited was granted a US patent for the rrDHT networking innovations within Holochain.
rrDHT is a peer-to-peer networking design implemented in Holochain.
— Holo (@H_O_L_O_) March 25, 2021
Additionally, a new listing on Upbit Global caused a 150% rally in the price of Stacks (STX) which moved from $1.13 on Sunday to an intraday high of $2.85. Profit-taking schemes however dropped the price to $2.20.
Analysis from Ben Lilly, the co-founder of Jarvis Labs, state that on-chain metrics indicate a solid base of support for Bitcoin’s price. The only headwinds are as a result of volatility in funding rates as soon as any pumps happen.
Because of this, Lilly has stated that there is a possible retest of the $54,000 level in an effort to brush up some of the FOMO still at that level. He however doesn’t think the price will go any lower because of solid on-chain support at that level. Lilly said that we are setting up for a strong later half for April and beyond especially with the Grayscale Effect kicking in around that time.
Image courtesy of pixabay
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