The Altcoins have notched up to multi-year highs as Bitcoin prices move towards the $60,000 mark. The triple-digit gains from many tokens prove that an altcoin season is at hand. The past week indicated the current bull market cycle, that an altcoin season may be well underway.
Similar to previous waves, (BTC) makes a significant run-up in price and enters a consolidation period. The Funds then begin to migrate into large and small market cap altcoins.
As Altcoins Touch Multi-Year Highs While Bitcoin Price Scales Up
According to analysis from Jarvis Labs Co-Founder Ben Lilly,
“The 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.”
Lilly said: “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.”
The Tron (TRX) ecosystem saw a noticeable uptick in its 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.
In the beginning, an influx can be seen 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.
Multiple Altcoins Saw Double-Digit Gains
Apart from Tron, 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.
The Data from TradingView shows that while Bitcoin is trading 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 selected projects.