The CEO of Binance, Changpeng Zhao, popularly known as CZ, has opined that 2020 altseason is here, believing that failure of Bitcoin (BTC) to print a meaningful price movement on either side over the past weeks, implies that it’s gradually becoming a stablecoin.
Over the past weeks, a number of altcoins such as Chainlink (LINK), Cardano (ADA), Dogecoin (DOGE) and others, have led the price uptrend in the cryptocurrency market, while Bitcoin (BTC) remains above $9,000 price level. Also, there has been an increase in popularity of the decentralized finance (DeFi).
CZ Binance Says Altseason Is Here
Changpeng Zhao (CZ), the CEO of the leading cryptocurrency exchange Binance was in an interview with Bloomberg. During the conversation, he said that “data pretty much shows that there’s an altseason right now.”
He further pointed out that over 60% of the trading volume on Binance and Binance Futures is now dominated by altcoins, which is higher than usual.
“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.”
Nevertheless, CZ Binance did not state a definite catalyst behind the significant price uprising experienced by altcoins.
He stated that the trending tweet of Elon Musk about Dogecoin overwhelming the global financial market could be attributed to the rise in the price of DOGE in the past few days, but the rest of altcoins in the market is anyone’s guess.
Bitcoin (BTC) Becoming a Stablecoin
CZ also stressed the performance that the leading cryptocurrency is displaying lately, stating that what could enhance the growth of Bitcoin to break above $10,000 resistance level cannot be ascertained. He, however, assured that the king of coins will subdue the challenging barrier eventually.
“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.”