Altcoin season is the time when altcoins other than Bitcoin interact and start climbing to levels that may be record for some of them, as happened with LINK and COMP recently.

CZ, founder and CEO of Binance, believes that the 2020 altcoin season has already begun and joked that Bitcoin has become like a stablecoin.

Binance founder confirms the start of the 2020 altcoin season:

Over the past few weeks, the altcoin market has been booming with some of them increasing and going up by double digits.

The DeFi sector has also seen a significant increase in popularity, with some projects having quadrupled in the value of their currencies within a few months.

Read:A project based on the Binance blockchain defrauds users and steals $2.5 million

These spikes made many crypto market followers see that the season of altcoins has begun, and the founder of Binance confirms this also through an interview He conducted it with Bloomberg, in which he confirmed by saying:

The data pretty much shows that altcoin season is now underway.

Over 60% of the trading volume on Binance and Binance Futures comes from altcoins, which is much higher than before.

Also, when we look at the top performance during the second quarter from March 31 to June 30 of the 200 cryptocurrencies listed on Binance we find that only three of them declined.

I think this is the season to come.

CZ did not provide clear reasons behind the rise in the price of altcoins.

Where some of these currencies may be rising as a result of a tweet, for example, such as “Elon Musk” tweeting about the Dogecoin currency and its rise immediately, and some of its rise is related to technical updates to the project, partnership, or other various reasons.

Is Bitcoin really a stable digital currency?

In the same interview, CZ joked that Bitcoin has become like a digital stablecoin.

Read:An Israeli arrested for stealing $1.75 million in cryptocurrency

Bitcoin refused to break out of the narrow range between $9000-$9300 for a few weeks.

CZ commented on Bitcoin’s recent performance, saying that he does not know exactly what will push the coin above the $10,000 level.

Read:Ethereum coin loses 50% of its value and falls to its lowest level in two years

However, he believes that Bitcoin will eventually break this barrier, telling in this regard:

I honestly don’t know what it will take for Bitcoin to break the $10,000 level, but I think there is probably a good time to do so.

Whereas with all the macroeconomics that happen from how much quantitative easing and how much flow into the economy sooner or later that will help bitcoin out of its current range.

As a result of the contradictory performance between Bitcoin and altcoins, the market dominance of Bitcoin continued to decline, reaching its lowest level today in 5 months at 62%.

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Why do altcoin prices fall when the price of bitcoin falls?