August 9, 2022

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

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If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway. 

Similar to previous cycles, after (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins. 

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

Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded 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 select projects.

Tron ecosystem leads the altcoin rally

Tokens in the Tron (TRX) ecosystem saw a noticeable uptick in their 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.