According to the CEO of Binance, Changpeng Zhao, the 2020 altseason is officially confirmed while the lack of significant price movements from Bitcoin turned it into a “stablecoin” as we are reading more in the following altcoin news.
Changpeng Zhao, the CEO of the leading crypto exchange Binance believes that there’s an ongoing altcoin season on the crypto market as in a recent interview he noted the Bitcoin’s increased stability joking that it became a stablecoin now. During the past few weeks, the altcoin market boomed with the double-digital increases across the chart. These events pushed cryptocurrencies such as Chainlink’s LINK to new highs as the DeFi sector received a huge popularity boost and some representatives marked a lot of price increases in the few months.
The community speculates that there’s an ongoing altcoin season starting and the CEO of the Binance exchange Changpeng Zhao confirmed the narrative that the 2020 altseason officially started saying that the data pretty much shows it. CZ added that more than 60% of the trading volume on Binance and Binance Futures came from altcoins which are higher than before:
“Also, when we look at the top performance during Q2 – from March 31st to June 30th – of the 200 coins listed on Binance, only three went down. I guess it is an altseason.”
CZ doesn’t see any reason behind the price increases on some occasions it could be related to events such as the Elon Musk tweeting about Dogecoin and the DOGE price surge immediately but for the rest of the market, it is anyone’s guess. While most of the altcoins were fluctuating lately, the main cryptocurrency refused to make sharp moves. Bitcoin sits in a tight range between $9000 and $9300 for a few weeks now and it seems unbothered by the altcoin gains. CZ also commented on the latest performance on Bitcoin saying that he doesn’t know what will push the asset above the $10,000 price point but that he does believe Bitcoin will break down the barrier:
“I honestly don’t know what’s going to take for Bitcoin to break this [$10,000], but I think it’s probably going to be just time. I think with all the macroeconomics that are happening – the amount of quantitative easing and the amount of fiat flowing into the economy – sooner or later will help Bitcoin to break out.
Right now, Bitcoin has been really stable. People have been calling and joking that it is a stablecoin now.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]