According to Binance CEO Changpeng Zhao, he said that not all altcoins will explode in the next altcoin season, as before.
Striking rises have been seen in the crypto money market in recent days. Bitcoin, the largest cryptocurrency with its market value, continued on a relatively flat course, but many altcoins have made remarkable gains.
This emerging picture brought along allegations that “altcoin season has come”. The “altcoin season”, now a well-established term in the crypto money market, refers to an environment in which alternative cryptocurrencies gain exponential value.
Crypto research company Blockfyre’s chief technical analyst said, “There are still people who don’t believe this is an altcoin season. Look at Doge, look at BTC’s dominance rate. ” He then pointed out to retail investors in Robinhood and TikTok, saying that rises such as 2017 are on the way and interest will increase more and more.
The last altcoin season was experienced in 2017 and 2018. The dominance rate of Bitcoin dropped to 34 percent that year, almost all of the altcoins experienced unbelievable increases.
On the other hand, Changpeng Zhao, CEO of cryptocurrency exchange Binance, thinks that all altcoins will rally. “Not all altcoins will explode in the next altcoin season.” According to Zhao, projects that have been on the market for many years and have not been able to put much of their power will be replaced. Arguing that 95 percent of cryptocurrency projects are like this, Zhao emphasized that only those who pursue continuous development will succeed. Binance CEO added that this 95 percent figure applies to the internet industry and even the traditional industries.