Changpeng Zhao, the CEO of leading cryptocurrency exchange Binance, has revealed on social media he believes 95% of cryptocurrencies are not going to see their prices pump over the next bull cycle.
Explaining his belief, Zhao implied that if a project has been around for three years but doesn’t have a lot to show it likely won’t see its price rise over the next bull run, while projects that have consistently kept on developing “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
Responding to a comment from a user suggesting his tweet would encompass 85% of crypto projects, Zhao added it was “more like 95%” and that the figure applies for internet, social, and traditional industries.
Zhao’s comments came as the price of Dogecoin (DOGE) has been surging over a viral TikTok video calling on users to buy the cryptocurrency, in what appears to be a pump and dump being led by social media influencers. The cryptocurrency’s price already went up over 70% since the trend started.
Other altcoins are currently going up as well. VeChain (VET) has been surging after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted 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 went up well over 650% so far this year thanks to an upcoming upgrade called Katalyst. I will allow token holders to earn ETH rewards staking their KNC tokens, while participating in governance. Travala’s AVA token also went up after the travel booking platform announced a partnership with the Expedia Group.
Bitcoin, meanwhile, has been ranging between the $10,000 and $9,000 marks for the last few months, as altcoins keep surging. Analysts refer to periods like these as an altseason, as altcoins are outperforming BTC and reducing the flagship cryptocurrency’s market share of the crypto space.
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 pic.twitter.com/dgIXwUbhpk
— ₿ Pentoshi (@Pentosh1) July 8, 2020
The last altseason was in 2017, when bitcoin’s dominance in the crypto space dropped to a low of 33%. It has since recovered to 64% as most alts lost over 80% – or in some cases 90% – of their value, while BTC is down 52% form its all-time high seen in December 2017.