Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K

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If this weekend is any indication of the current bull market cycle, alternative stock season could be in full swing.

As in previous cycles, after (BTC) reaches a significant price peak and enters a period of consolidation, funds begin to migrate to the large and small market cap Alcoins.

4-hour chartWRX/USDT, WIN/USDT, BTT/USDT, STX/USDT and HOT/USDT. Source: TradingView

Data from Cointelegraph Markets and TradingView show that while bitcoin traded in the $57,000 to $60,200 range last week, several spirits saw double-digit gains as exchange listings and protocol development brought a new wave of excitement and trading volume to some projects.

Tron ecosystem leads altcoins rally

Tron Ecosystem (TRX) tokens have seen a significant increase in trading volume over the past two days, with the gambling-focused WINk token seeing the largest increase from $0.00059 to 325% on April 3. to a new all-time high of $0.0025 on April 5. April.

4 hour WIN/USDT card. Source: TradingView

BitTorrent (BTT) also experienced a period of growth starting in the fourth quarter. April saw an influx of buyers that drove the price up by over 100% from a low of $0.0067 to a new high of $0.0136 on the 5th. April floated. The price of TRX has increased 48% over the same period, from $0.0997 to the current price of about $0.147.

It wasn’t just the Tron-based projects that caught the attention of merchants over the weekend and on Monday.

Indian cryptocurrency exchange WazirX saw its native token (WRX) gain more than 350% on Monday, rising from a low of $1.47 to a new all-time high of $5.88 on a record trading volume of $2 billion.

WRX/USDT 4-hour chart. Source: TradingView

Holochain (HOT), a decentralized peer-to-peer platform for dApps, has seen its share price rise 350% since launching Holo Limited on the 25th. Mars announced that it has received a U.S. patent for its innovation in rrDHT networks. HOT has risen from $0.21 to $0.31 since the announcement.

The new listing on Upbit Global also triggered a 150% rise in the price of the battery (STX), which rose from $1.13 on Sunday to an intraday high of $2.85 in April before profit-taking drove the price back to $2.20.

Bitcoin gaining momentum for next rise

According to analysis by Jarvis Labs co-founder Ben Lilly, intra-chain metrics point to a solid base of support for the bitcoin price, with the only issue being the volatility of funding rates once there is some pumping.

4 hour chart BTC/USDT. Source: TradingView

Based on this reaction, Lilly is looking at a possible retest of the $54,000 level to erase some of the FOMO that is still at that level, but he doesn’t see price falling any further because of the strong support at that level.

Lilly said:

Either way, we’re heading for a strong April half and beyond, especially with the gray effect during that period.

At the time of writing, BTC is trading at $59,200, with bitcoin dominating at 55.7%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Every investment and every transaction involves risk. You should do your own research before making a decision.

frequently asked questions

Do altcoins rise as bitcoin rises?

If bitcoin rises, will altcoins rise too? Yes. The price of most, if not all, altcoins is highly correlated to the price of bitcoin. … Similarly, if someone wants to cash out and sell their altcoin, they will first sell the altcoin for bitcoins, and then sell the bitcoins for cash.

Why do altcoins fall when bitcoin rises?

First, when the price of bitcoin hit a new record high, it absorbed most of the volume in the cryptocurrency market. This naturally shifted the market to BTC, which contributed to the flight from altcoins.

The fundamental reason altcoins follow bitcoin is that altcoin prices are generally measured in bitcoin. … This symbiotic relationship means that the value of various altcoins is often linked to bitcoin.

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