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
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!