Crypto altcoins have done a great job with their performance so much so that the traders are expecting “altseason.” Crypto altcoins claim that that Bitcoin won’t be able to perform this time.
The head technical analyst at crypto research firm Blockfyre commented:
There are people that don’t believe it’s #altseason. Look at $DOGE. Look at $BTC Dominance. 3 year trend broken + Macro LH and LL for the first time in 900+ Days. Look at retail on Robin Hood and Tik Tok. Get ready. 2017 rehash is on it’s way. More and more interest is coming
Not all alts will pump during the next
Changpeng “CZ” Zhao , the CEO of Binance , has claimed that the notion that all altcoins will rally may be too optimistic and untrue.
Changpeng Zhao says, “Not all altcoins will share this fate, though”. On July 7th, responding to the frothy market conditions, the industry executive said ;
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.
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
Changpeng Zhao claimes that 95% of projects are unlikely to sustain a pump during this upcoming cycle, because they are not able to perform well. The Binance CEO added.
More like 95%, crypto or not. Same number for internet / social / or even traditional industries,
Jason Calacanis, who is an angel investor in Robinhood and Uber, recently said that he thinks 99% of crypto projects have no merit. He reported to TechCrunch in June;
The problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there’s a lot of garbage out there. And that’s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.