Bitcoin Going Consolidated: Has Altcoin Rally Waited For Weeks Begins?
According to analysts, when we evaluate the past week and the week we are in, we may now be in an altcoin season. As in previous altcoin seasons, Bitcoin (BTC) entered a period of consolidation after drawing a large increase graph and funds in BTC started to switch to altcoins.
Tron Ecosystem Leading Altcoin Rally
Tokens in the Tron (TRX) ecosystem appear to be leading the altcoin rally, according to analysts. For example; WINk (WIN) started its rise from $ 00059 on April 3 and rose by 325% to $ 0.0025 on April 5.
Besides WIN, BitTorrent (BTT) performed pretty well. BTT, which was under pressure to buy on April 4, increased its price by more than 100% in 1 day to $ 0.136 on April 5th. In the same period, the Tron (TRX) price also rose 48%, from $ 0.0997 to $ 0.147.
At this point, however, Tron-based projects weren’t the only projects that caught investors’ attention on the weekend and Monday. For example; India-based cryptocurrency exchange WazirX has seen a 352% increase in its local token WRX in the past two days.
In addition, Holochain (HOT), a decentralized peer-to-peer platform for dApps , has seen its price rise 350% since Holo Limited’s announcement of US patents for rrDHT network innovations on March 25. In addition, after listing on Upbit Global, the price of Stacks (STX) increased from $ 1.13 to $ 2.85.
Bitcoin Gathering Power
According to the analysis of Jarvis Labs co-founder Ben Lilly, on-chain measurements show that it has built a strong support base for Bitcoin and thus BTC is gathering strength for the next boom.
According to Lilly, $ 54,000 is currently trading as a significant support level, and as long as the altcoin rally continues, retreats to this level may occur several more times. However, there is no need to worry about the BTC price unless there is a hard break below $ 54,000 .