Binance CEO Changpeng Zhao: 95% of all altcoins will not rise during the next bull run
Over the past few weeks, the Bitcoin price has been relatively stable, but the real attention has been taken by the growth momentum of a few altcoins that have outperformed Bitcoin. Even so, Binance CEO Changpeng Zhao denied that the market is in an altcoin season.
Quite a lot of predictions about a new Altcoin season will appear but Binance CEO denied
The long-awaited upgrade mainly drives the rise in ETH to Ethereum 2.0 and the growth in the DeFi sector. On the other hand, Cardano was another big winner with 54.78% and 48.88% in weekly and monthly rankings. ADA has profited from the ongoing launch procedure of the Shelley upgrade, which will introduce the staking functions for ADA.
In this situation, some analysts have predicted the arrival of a new altcoin season. Among them is the head of technical analysis at Blockfyre, currently Pentoshi. He backed the altcoins and reaffirmed his position that we are starting an altcoin season:
“Some people don’t think it’s altseason. Look at $ DOGE. Look at $ BTC Dominance. 3-year trend broken + LH and LL macro for the first time in 900+ days. Look at the retail sales of Robin Hood and Tik Tok. Get ready. The 2017 rehash is on its way. There’s more and more interest.”
In contrast, Binance CEO Changpeng Zhao denied that the market is in an altcoin season. Although Zhao sees a significant rise in some cryptocurrencies, Zhao said this does not apply to 95% of the altcoins in the market.
On Twitter, Binance’s CEO stated:
Not all alts will pump during the next #altszn. If a project has been around for 3 years but not much to show for, then…
A few that have consistently pushed development will thrive.#BUIDL
— CZ Binance (@cz_binance) July 8, 2020
However, data from Trading View seems to confirm that an altcoin season is in production. The Bitcoin dominance index has been at the level of the past two months and, as shown in the chart below, has been declining since May this year. At press time, it stood at 64.9%.
According to analyst Anbessa on Twitter, this indicates that an altcoin season may occur in the short term. In a tweet in late June, the analyst said that the support for Bitcoin dominance was 65.65%. A figure lower than that means the start of a party for altcoins.
- Bitcoin Price Is Looking To Leap Key Resistance Alongside Gold Has Jumped To A Nine-Year High
- Justin Sun Rushes To Create More TikTok Content To Pump TRX But It’s A Desperate Attempt