Chanpeng Zhao, CEO of the leading cryptocurrency exchange Binance, believes that there’s an ongoing altcoin season in the digital asset market.
In a recent interview, he also emphasized on Bitcoin’s increased stability, joking that it has become a stablecoin now.
During the past several weeks, the altcoin market has boomed with double-digital increases charted almost daily. These events pushed cryptocurrencies such as Chainlink’s LINK to new highs. The DeFi sector also received substantial popularity boost, and some representatives have marked quadruple increases in a few months.
Consequently, the community often speculates that there’s an ongoing altcoin season. While being interviewed by Bloomberg, Binance CEO also confirmed the narrative, saying that “data pretty much shows that there’s an altseason right now.”
CZ added that more than 60% of the trading volume on Binance and Binance Futures comes from altcoins, which is “much 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.”
However, CZ doesn’t see particular reasons behind the altcoins’ price increases. On some occasions, it could be related to events such as Elon Musk tweeting about Dogecoin and DOGE surging immediately, but for the rest of the market is “anyone’s guess,” he added.
And while most altcoins have been fluctuating massively lately, the primary cryptocurrency continuously refuses to make any sharp moves. Bitcoin sits in a tight range from $9,000 to $9,300 for a few weeks and seems unbothered by the altcoin gains.
CZ commented on BTC’s latest performance, saying that he doesn’t know what precisely will push the asset above the coveted $10,000 mark. However, he believes that Bitcoin will eventually break down that 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.”
As a result of the contrasting performance from Bitcoin and the altcoins, BTC’s dominance over the market continues to decrease, and it reached its 5-month low today at 62%.
