Altcoin Season Is Coming And The Crypto Industry Is Healthier Compared To 2017, Says Binance CEO
Since back in April when the bulls returned to the crypto market, there have been all kinds of crypto-related predictions, and some of them were even expecting BTC to race to an all-time high.
Bitcoin suffered a correction, and now the most important crypto in the market is trading in the green on CMC and BTC is priced at $10,469.69.
The next altcoin season could have a better outcome than 2017
Binance CEO, Changpeng Zhao believes that the next altcoin season will have a better outcome than the one in 2017.
Zhao says he believes that the crypto industry has matured and investing in altcoins will be better compared to 2017.
You can see his tweet below.
They are still risky investments, but the industry is much healthier now.
— CZ Binance (@cz_binance) July 31, 2019
As you can see, CZ says that the investments are still risky, but overall, the market is much healthier this year.
Someone commented: “Invest in platforms and their tokens following their build. Let the team demonstrate their abilities before throwing thousands around based on Reddit comments.”
Coinshares’ recent report is showing that the market has not been cooperating with the predictions for an altcoin season.
“The market has mercilessly denied calls for a customary ‘alt season’ while Bitcoin’s price rally has stolen all of the attention, at least so far this year,” according to the report.
The official notes also say that “Despite many altcoins being significantly up from their respective bottoms, the crypto opportunity cost is measured in Bitcoin, and nearly all altcoins have lost substantially to Bitcoin so far in 2019.”
Binance launched a new service
Binance has just introduced a new OTC service called “block trading.”
The exchange’s management explains that the OTC trading option allows traders to acquire massive amounts of digital assets, which basically mean more than 10 BTC without using an order book.
Binance’s blog post explains that block trading is helping traders avoid potential losses due to price slippage that can result from large orders that are entered on the exchange.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.