Changpeng Zhao, CEO of Binance said that “not all alts will appreciate during the next altseason”.
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, said on Twitter that 95% of cryptocurrencies will not see their prices rise in the next bullish cycle.
Explaining his belief, Zhao suggested that if a project has been around for three years, but does not have much to show for it, it is unlikely to see its price rise in the next bull run, while projects that have continued consistently in development “will thrive.”
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
“Not all alts will appreciate during the next altseason. If a project has been around for 3 years, but doesn’t have much to show, then …
Those who have consistently promoted their development will thrive. ”
Responding to a comment from a user suggesting that his tweet would cover 85% of cryptocurrencies, Zhao added that it would be “closer to 95%” and that the number applies to traditional and Internet industries.
Zhao’s comments came when Dogecoin’s (DOGE) price was driven by a viral video from TikTok asking users to buy the cryptocurrency, in what appears to be a pump led by social media influencers. The price of cryptocurrency has already risen more than 70% since the beginning of the trend.
Other altcoins are also rising. VeChain (VET) is up after the announcement of VeChain participating in the World Artificial Intelligence Conference 2020, organized by the Shanghai Municipal People’s Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei and Amazon.
Kyber Network’s KNC tokens have also increased by more than 650% so far this year, thanks to a future update called Katalyst. I will allow token holders to earn ETH rewards by betting their KNC tokens while participating in governance. Travala’s AVA token also increased after the travel booking platform announced a partnership with Expedia Group.
Meanwhile, Bitcoin has varied between the $ 10,000 and $ 9,000 brands in recent months, with the rise in altcoins. Analysts refer to periods like this as a high season, as altcoins are overtaking BTC and reducing cryptocurrency’s market share in the crypto universe.
The last altseason was in 2017, when bitcoin’s dominance dropped to 33%. Since then, it has rebounded to 64%, as most alts have lost more than 80% – or, in some cases, 90% – of their value, while BTC has dropped 52%, compared to the highest level recorded in December 2017.