Experts predict an “altseason” in the near future
- 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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
