- Due to the recent outperformance of altcoins, some traders are expecting an “altseason” to take place soon.
- The last altseason took place in 2017 and 2018 when Bitcoin’s dominance fell as low as ~34%.
- Changpeng “CZ” Zhao, the CEO of Binance, said that the sentiment that all altcoins will rally might be too optimistic.
Since the start of June, Bitcoin has significantly underperformed some of the leading digital assets. Some traders are expecting an “altseason” to take place soon due to the recent outperformance of altcoins. The head technical analyst at the cryptocurrency research firm Blockfyre took to Twitter to share this sentiment.
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
An altcoin season is when altcoins across the industry rally by hundreds of percent to outperform Bitcoin strongly. The last altseason took place in 2017 and 2018 when Bitcoin’s dominance fell as low as ~34%. Changpeng “CZ” Zhao, the CEO of Binance, said that the sentiment that all altcoins will rally may be too optimistic.
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...
— CZ Binance (@cz_binance) July 8, 2020
A few that have consistently pushed development will thrive.#BUIDL
CZ also added that 95% of projects are unlikely to sustain a pump during this upcoming cycle. Zhao is not the only one to suggest that most cryptocurrencies are unlikely to perform well. According to an earlier FXStreet report, Jason Calacanis, an angel investor in Robinhood, said that he believes 99% of the digital assets have no merit.
Popular entrepreneur Kevin Rose also shares a similar sentiment.
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.